|
The Cayman Islands
|
| |
4955
|
| |
N/A
|
|
|
(State or Other Jurisdiction of
Incorporation or Organization) |
| |
(Primary Standard Industrial
Classification Code Number) |
| |
(I.R.S. Employer
Identification No.) |
|
|
Grenfel Calheiros, Esq.
Simpson Thacher & Barlett LLP Av. Presidente Juscelino Kubitschek 1455, 12th floor São Paulo, SP, Brazil, 04543-011 Tel: +55 11-3546 1000 |
| |
Mark A. Brod, Esq.
Simpson Thacher & Barlett LLP 425 Lexington Avenue New York, New York 10017 Tel: +1 (212) 455-2000 |
|
Selling Securityholder
|
| |
Number of
Offered Class A Ordinary Shares |
| |
Effective
Purchase Price or Value per Share ($) |
| |
Net Proceeds
per Offered Share ($)(1) |
| |||||||||
Sponsor and affiliates | | | | | | | | | | | | | | | | | | | |
Sponsor Shares
|
| | | | 1,896,100 | | | | | | 0.004 | | | | | | 7.77 | | |
Shares Underlying Sponsor Warrants
|
| | | | 676,707 | | | | | | 11.50 | | | | | | — | | |
Non-Redeeming Shareholders | | | | | | | | | | | | | | | | | | | |
Non-Redeeming Shareholder Shares
|
| | | | 37,100 | | | | | | 10.00 | | | | | | — | | |
Shares Underlying Non-Redeeming Shareholder Warrants
|
| | | | 210,793 | | | | | | 11.50 | | | | | | — | | |
Opportunity Agro Fund | | | | | | | | | | | | | | | | | | | |
PIPE Shares
|
| | | | 11,810,000 | | | | | | 8.47 | | | | | | — | | |
Shares Underlying PIPE Warrants
|
| | | | 2,280,000 | | | | | | 11.50 | | | | | | — | | |
PIPE Investors (other than Opportunity Agro Fund) | | | | | | | | | | | | | | | | | | | |
PIPE Shares
|
| | | | 1,513,800 | | | | | | 9.58 | | | | | | — | | |
Shares Underlying PIPE Warrants
|
| | | | 362,500 | | | | | | 11.50 | | | | | | — | | |
Rafael Salvador Grisolia | | | | | | | | | | | | | | | | | | | |
RSU Shares
|
| | | | 20,000 | | | | |
|
Nil
|
| | | | | 7.77 | | |
| | |
Page
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| | | | F-1 | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
Varation
|
| ||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Audited)
|
| | | | | | | |||||||||
| | |
(in US$ millions)(1)
|
| |
(in R$ millions)
|
| |
%
|
| |||||||||||||||
Net revenue
|
| | | | 322.9 | | | | | | 1,684.9 | | | | | | 822.2 | | | | | | 104.9% | | |
Cost of services rendered
|
| | | | (256.4) | | | | | | (1,337.7) | | | | | | (618.7) | | | | | | 116.2% | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
Varation
|
| ||||||||||||
| | |
(Unaudited)
|
| |
(Unaudited)
|
| |
(Audited)
|
| | | | | | | |||||||||
| | |
(in US$ millions)(1)
|
| |
(in R$ millions)
|
| |
%
|
| |||||||||||||||
Gross profit
|
| | | | 66.5 | | | | | | 347.1 | | | | | | 203.5 | | | | | | 70.6% | | |
Operating profit
|
| | | | 64.5 | | | | | | 336.8 | | | | | | 178.0 | | | | | | 89.2% | | |
Net finance cost
|
| | | | (19.9) | | | | | | (104.0) | | | | | | (2.0) | | | | | | 5,200.0% | | |
Income tax and social contribution
|
| | | | (8.6) | | | | | | (44.9) | | | | | | (37.9) | | | | | | (18.6)% | | |
| | |
For the six months ended June 30,
|
| |
For the year ended December 31,
|
| ||||||||||||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2021
|
| |
2020
|
| ||||||||||||||||||
| | |
(Unaudited Consolidated)
|
| |
(Audited Combined)
|
| ||||||||||||||||||||||||||||||
| | |
(in US$ millions)(1)
|
| |
(in R$ millions)
|
| |
(in US$ millions)(1)
|
| |
(in R$ millions)
|
| ||||||||||||||||||||||||
Net revenue
|
| | | | 125.0 | | | | | | 654.5 | | | | | | 334.6 | | | | | | 157.0 | | | | | | 822.2 | | | | | | 364.3 | | |
Cost of services rendered
|
| | | | (99.3) | | | | | | (520.0) | | | | | | (251.1) | | | | | | (118.1) | | | | | | (618.7) | | | | | | (256.1) | | |
Gross profit
|
| | | | 25.7 | | | | | | 134.5 | | | | | | 83.5 | | | | | | 38.9 | | | | | | 203.5 | | | | | | 108.1 | | |
Operating expenses
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative expenses
|
| | | | (2.7) | | | | | | (14.0) | | | | | | (13.9) | | | | | | (5.1) | | | | | | (26.8) | | | | | | (19.0) | | |
Other income, net expenses
|
| | | | 1.0 | | | | | | 5.1 | | | | | | (0.1) | | | | | | 0.3 | | | | | | 1.4 | | | | | | 0.7 | | |
Operating profit
|
| | | | 24.0 | | | | | | 125.6 | | | | | | 69.5 | | | | | | 34.0 | | | | | | 178.0 | | | | | | 89.9 | | |
Net finance cost/revenue
|
| | | | (4.5) | | | | | | (23.3) | | | | | | 5.9 | | | | | | (0.4) | | | | | | (2.0) | | | | | | (7.1) | | |
Profit before tax
|
| | | | 19.5 | | | | | | 102.3 | | | | | | 75.4 | | | | | | 33.6 | | | | | | 176.0 | | | | | | 82.8 | | |
Income tax and social contribution
|
| | | | (3.8) | | | | | | (19.9) | | | | | | (22.8) | | | | | | (7.2) | | | | | | (37.9) | | | | | | (16.7) | | |
Profit for the period
|
| | | | 15.7 | | | | | | 82.4 | | | | | | 52.6 | | | | | | 26.4 | | | | | | 138.1 | | | | | | 66.0 | | |
| | |
As of June 30,
|
| |
As of December 31,
|
| ||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
2020
|
| ||||||||||||
| | |
(Unaudited Consolidated)
|
| |
(Audited Combined)
|
| ||||||||||||||||||
| | |
(in US$ millions)(1)
|
| |
(in R$ millions)
|
| |
(in R$ millions)
|
| |||||||||||||||
Total current assets
|
| | | | 111.7 | | | | | | 585.3 | | | | | | 453.4 | | | | | | 233.8 | | |
Total non-current assets
|
| | | | 233.0 | | | | | | 1,220.7 | | | | | | 977.7 | | | | | | 367.0 | | |
Total assets
|
| | | | 344.8 | | | | | | 1,806.1 | | | | | | 1,431.1 | | | | | | 600.7 | | |
Total current liabilities
|
| | | | 71.3 | | | | | | 373.4 | | | | | | 346.1 | | | | | | 102.9 | | |
Total non-current liabilities
|
| | | | 199.6 | | | | | | 1,045.6 | | | | | | 747.0 | | | | | | 170.6 | | |
Total liabilities
|
| | | | 270.9 | | | | | | 1,419.0 | | | | | | 1,093.2 | | | | | | 273.5 | | |
Total equity
|
| | | | 73.9 | | | | | | 387.0 | | | | | | 337.9 | | | | | | 327.2 | | |
Total shareholders’ equity and liabilities
|
| | | | 344.8 | | | | | | 1,806.1 | | | | | | 1,431.1 | | | | | | 600.7 | | |
| | |
For the six months ended June 30,
|
| |
For the year ended December 31,
|
| ||||||||||||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2021
|
| |
2020
|
| ||||||||||||||||||
| | |
(Unaudited Consolidated)
|
| |
(Audited Combined)
|
| ||||||||||||||||||||||||||||||
| | |
(in US$ millions)(1)
|
| |
(in R$ millions)
|
| |
(in US$ millions)(1)
|
| |
(in R$ millions)
|
| ||||||||||||||||||||||||
Net cash generated from operating activities
|
| | | | 16.8 | | | | | | 87.8 | | | | | | 31.0 | | | | | | 12.3 | | | | | | 64.3 | | | | | | 32.5 | | |
Net cash used in investment activities
|
| | | | (49.5) | | | | | | (259.2) | | | | | | (256.6) | | | | | | (85.6) | | | | | | (448.4) | | | | | | (117.7) | | |
Net cash generated from financing activities
|
| | | | 37.2 | | | | | | 195.1 | | | | | | 217.6 | | | | | | 82.7 | | | | | | 433.2 | | | | | | 108.9 | | |
| | |
For the six months ended June 30,
|
| |
For the year ended December 31,
|
| ||||||||||||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2021
|
| |
2020
|
| ||||||||||||||||||
| | |
(Unaudited Consolidated)
|
| |
(Unaudited Combined)
|
| ||||||||||||||||||||||||||||||
| | |
(in US$ millions,
except %)(1) |
| |
(in R$ millions,
except %) |
| |
(in US$ millions,
except %)(1) |
| |
(in R$ millions,
except %) |
| ||||||||||||||||||||||||
EBITDA(2) | | | | | 32.0 | | | | | | 167.9 | | | | | | 93.2 | | | | | | 45.5 | | | | | | 238.2 | | | | | | 112.4 | | |
EBITDA Margin(3)
|
| | | | 25.6% | | | | | | 25.6% | | | | | | 27.9% | | | | | | 29.0% | | | | | | 29.0% | | | | | | 30.9% | | |
ROIC(4) | | | | | 16.0% | | | | | | 16.0% | | | | | | N/A(5) | | | | | | 28.7% | | | | | | 28.7% | | | | | | 36.2% | | |
Free Cash Flow(6)
|
| | | | 9.9 | | | | | | 51.7 | | | | | | 0.4 | | | | | | (4.0) | | | | | | (20.8) | | | | | | 28.0 | | |
Cash Conversion Rate(7)
|
| | | | 30.8% | | | | | | 30.8% | | | | | | 0.4% | | | | | | (8.7)% | | | | | | (8.7)% | | | | | | 24.9% | | |
| | |
As of and for the six months
ended June 30, |
| |
As of and for the year
ended December 31, |
| ||||||||||||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2021
|
| |
2020
|
| ||||||||||||||||||
| | |
(Unaudited Consolidated)
|
| |
(Unaudited Combined)
|
| ||||||||||||||||||||||||||||||
| | |
(in US$ millions,
except %)(1) |
| |
(in R$ millions,
except %) |
| |
(in US$ millions,
except %)(1) |
| |
(in R$ millions,
except %) |
| ||||||||||||||||||||||||
Profit for the period
|
| | | | 15.7 | | | | | | 82.4 | | | | | | 52.6 | | | | | | 26.4 | | | | | | 138.1 | | | | | | 66.0 | | |
(+) Income tax and social contribution
|
| | | | 3.8 | | | | | | 19.9 | | | | | | 22.8 | | | | | | 7.2 | | | | | | 37.9 | | | | | | 16.7 | | |
(+) Net finance cost/revenue
|
| | | | 4.4 | | | | | | 23.3 | | | | | | (5.9) | | | | | | 0.4 | | | | | | 2.0 | | | | | | 7.1 | | |
(+) Depreciation and amortization Expenses
|
| | | | 8.1 | | | | | | 42.3 | | | | | | 23.7 | | | | | | 11.5 | | | | | | 60.2 | | | | | | 22.5 | | |
EBITDA (a)
|
| | | | 32.0 | | | | | | 167.9 | | | | | | 93.2 | | | | | | 45.5 | | | | | | 238.2 | | | | | | 112.4 | | |
Net revenue (b)
|
| | | | 125.0 | | | | | | 654.5 | | | | | | 334.6 | | | | | | 157.0 | | | | | | 822.2 | | | | | | 364.3 | | |
EBITDA Margin (a)/(b)
|
| | | | 25.6% | | | | | | 25.6% | | | | | | 27.9% | | | | | | 29.0% | | | | | | 29.0% | | | | | | 30.9% | | |
| | |
For the six months ended June 30,
|
| |
For the year ended December 31,
|
| ||||||||||||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2021
|
| |
2020
|
| ||||||||||||||||||
| | |
(Unaudited Consolidated)
|
| |
(Unaudited Combined)
|
| ||||||||||||||||||||||||||||||
| | |
(in US$ millions,
except %)(1) |
| |
(in R$ millions,
except %) |
| |
(in US$ millions,
except %)(1) |
| |
(in R$ millions,
except %) |
| ||||||||||||||||||||||||
Profit for the period
|
| | | | 15.7 | | | | | | 82.4 | | | | | | 52.6 | | | | | | 26.4 | | | | | | 138.1 | | | | | | 66.0 | | |
(+) Income tax and social contribution
|
| | | | 3.8 | | | | | | 19.9 | | | | | | 22.8 | | | | | | 7.2 | | | | | | 37.9 | | | | | | 16.7 | | |
(+) Net finance cost/revenue
|
| | | | 4.4 | | | | | | 23.3 | | | | | | (5.9) | | | | | | 0.4 | | | | | | 2.0 | | | | | | 7.1 | | |
(+) Depreciation and amortization
expenses |
| | | | 8.1 | | | | | | 42.3 | | | | | | 23.7 | | | | | | 11.5 | | | | | | 60.2 | | | | | | 22.5 | | |
EBITDA (b)
|
| | | | 32.0 | | | | | | 167.9 | | | | | | 93.2 | | | | | | 45.5 | | | | | | 238.2 | | | | | | 112.4 | | |
(-) Change in working capital(2)
|
| | | | 7.2 | | | | | | 37.5 | | | | | | 49.3 | | | | | | 25.8 | | | | | | 135.2 | | | | | | 62.4 | | |
(-) Acquisition of property, plant and equipment and intangible assets
|
| | | | 15.0 | | | | | | 78.7 | | | | | | 43.5 | | | | | | 23.6 | | | | | | 123.8 | | | | | | 22.0 | | |
Free Cash Flow (a)
|
| | | | 9.9 | | | | | | 51.7 | | | | | | 0.4 | | | | | | (4.0) | | | | | | (20.8) | | | | | | 28.0 | | |
Cash Conversion Rate (a)/(b)
|
| | | | 30.8% | | | | | | 30.8% | | | | | | 0.4% | | | | | | (8.7)% | | | | | | (8.7)% | | | | | | 24.9% | | |
| | |
As of and for the six months ended June 30,
|
| |
As of and for the year
ended December 31, |
| ||||||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| |||||||||||||||
| | |
(Unaudited Consolidated)
|
| |
(Unaudited Combined)
|
| ||||||||||||||||||||||||
| | |
(in US$ millions,
except %)(1) |
| |
(in R$ millions,
except %) |
| |
(in US$ millions,
except %)(1) |
| |
(in R$ millions,
except %) |
| ||||||||||||||||||
Operating profit
|
| | | | 24.0 | | | | | | 125.6 | | | | | | 34.0 | | | | | | 178.0 | | | | | | 90.0 | | |
Income tax adjustment(2)
|
| | | | (4.7) | | | | | | (24.5) | | | | | | (7.3) | | | | | | (38.3) | | | | | | (18.2) | | |
Net operating profit after tax (a)
|
| | | | 19.3 | | | | | | 101.1 | | | | | | 26.7 | | | | | | 139.7 | | | | | | 71.7 | | |
Total shareholders’ equity
|
| | | | 73.9 | | | | | | 387.0 | | | | | | 64.5 | | | | | | 337.9 | | | | | | 327.2 | | |
(-) Goodwill
|
| | | | 137.5 | | | | | | 720.3 | | | | | | 111.7 | | | | | | 584.9 | | | | | | 221.5 | | |
(-) Intangibles assets
|
| | | | 1.9 | | | | | | 9.9 | | | | | | 2.0 | | | | | | 10.5 | | | | | | 3.1 | | |
(+) Loans and financing (current and
non-current) |
| | | | 32.3 | | | | | | 169.5 | | | | | | 29.6 | | | | | | 155.3 | | | | | | 73.7 | | |
(+) Debentures
|
| | | | 65.6 | | | | | | 343.6 | | | | | | — | | | | | | — | | | | | | — | | |
(+) Related party loans liabilities (non-current)
|
| | | | 69.7 | | | | | | 365.1 | | | | | | 92.1 | | | | | | 482.2 | | | | | | 54.2 | | |
(+) Obligations from acquisition of investment (current and non-current)
|
| | | | 50.4 | | | | | | 264.0 | | | | | | 43.8 | | | | | | 229.4 | | | | | | 57.4 | | |
(+) Dividend payable
|
| | | | 6.0 | | | | | | 31.5 | | | | | | 6.0 | | | | | | 31.5 | | | | | | — | | |
(-) Cash and cash equivalents
|
| | | | 30.0 | | | | | | 157.2 | | | | | | 22.7 | | | | | | 118.9 | | | | | | 61.8 | | |
(-) Related party loans assets (current
and non-current) |
| | | | 7.8 | | | | | | 41.0 | | | | | | 6.6 | | | | | | 34.7 | | | | | | 28.3 | | |
Invested capital (b)
|
| | | | 120.7 | | | | | | 632.3 | | | | | | 93.0 | | | | | | 487.2 | | | | | | 197.8 | | |
ROIC (a)/(b)
|
| | | | 16.0% | | | | | | 16.0% | | | | | | 28.7% | | | | | | 28.7% | | | | | | 36.2% | | |
| | |
As of June 30, 2022
|
| |||||||||
| | |
Actual
|
| |
Pro Forma
|
| ||||||
| | |
(R$ millions)
|
| |||||||||
Cash and cash equivalents
|
| | | | 157.2 | | | | | | 557.9 | | |
Debt: | | | | | | | | | | | | | |
Loans and financing – current
|
| | | | 38.5 | | | | | | 38.5 | | |
Debentures – current
|
| | | | 13.4 | | | | | | 13.4 | | |
Lease liabilities – current
|
| | | | 11.2 | | | | | | 13.8 | | |
Total current debt
|
| | | | 63.1 | | | | | | 65.7 | | |
Loans and financing – noncurrent
|
| | | | 131.0 | | | | | | 673.4 | | |
Debentures – noncurrent
|
| | | | 330.2 | | | | | | 330.2 | | |
Lease liabilities – noncurrent
|
| | | | 22.1 | | | | | | 34.0 | | |
Total noncurrent debt
|
| | | | 483.3 | | | | | | 1,037.6 | | |
Total debt
|
| | | | 546.4 | | | | | | 1,103.3 | | |
Equity: | | | | | | | | | | | | | |
Capital
|
| | | | 261.9 | | | | | | 242.5 | | |
Additional paid-in capital
|
| | | | — | | | | | | 959.0 | | |
Accumulated translation adjustment
|
| | | | (72.0) | | | | | | (72.0) | | |
Reserves
|
| | | | 78.7 | | | | | | 78.7 | | |
Retained earnings (loss)
|
| | | | 78.3 | | | | | | (148.6) | | |
Non-controlling interest
|
| | | | 40.2 | | | | | | 40.2 | | |
Total equity
|
| | | | 387.1 | | | | | | 1,099.8 | | |
Total capitalization
|
| | | | 933.5 | | | | | | 2,203.1 | | |
Pro Forma Equity Capitalization at Closing(1)
|
| |
Class A and
Class B Ordinary Shares |
| |
%
|
| ||||||
| | |
(in millions)
|
| | | | | | | |||
Ambipar(2) | | | | | 39.23 | | | | | | 70.8% | | |
HPX public shareholders (other than the Sponsor and its affiliates (consisting of the
Insiders and Rafael Salvador Grisolia)(3) |
| | | | 0.96 | | | | | | 1.7% | | |
Sponsor and its affiliates (consisting of the Insiders and Rafael Salvador Grisolia)(4)
|
| | | | 1.92 | | | | | | 3.5% | | |
PIPE Investors(5)(6)
|
| | | | 13.32 | | | | | | 24.0% | | |
Total shares of Company common stock outstanding at closing of the Transaction
|
| | | | 55.43 | | | | | | 100% | | |
| | |
Emergencia
Historical (IFRS) |
| |
HPX
Historical (IFRS, See Note 2 for U.S. GAAP to IFRS Conversion) |
| |
Witt
O’Brien’s Historical (IFRS, See Note 4 for U.S. GAAP to IFRS Conversion) |
| |
Transaction
Accounting Adjustments |
| | | | |
Financing
Adjustments(1) |
| | | | |
Witt
O’Brien’s Transaction Accounting Adjustments (See Note 5) |
| | | | |
Witt
O’Brien’s Financing Adjustments |
| |
Pro
Forma Combined |
| |
Proforma
Combined In US$ Thousands(2) |
| |||||||||||||||||||||||||||
Cash and cash equivalents
|
| | | R$ | 157,230 | | | | | R$ | 4,078 | | | | | R$ | 9,046 | | | | | R$ | (70,270) | | | |
a, b, c (i),
c (ii), d, i
|
| | | R$ | 864,270 | | | |
n
|
| | | R$ | (877,831) | | | |
A
|
| | | R$ | 471,420o | | | | | R$ | 557,943 | | | | | $ | 106,519 | | |
Trade and other receivables
|
| | | | 326,072 | | | | | | — | | | | | | 604,900 | | | | | | — | | | | | | | | | — | | | | | | | | | (273,199) | | | |
D
|
| | | | — | | | | | | 657,774 | | | | | | 125,577 | | |
Advances to suppliers
|
| | | | 26,561 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | 26,561 | | | | | | 5,071 | | |
Prepaid expenses
|
| | | | 18,086 | | | | | | 302 | | | | | | 5,458 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | 23,846 | | | | | | 4,552 | | |
Inventories
|
| | | | 13,408 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | 13,408 | | | | | | 2,560 | | |
Other accounts equivalents
|
| | | | 25,539 | | | | | | — | | | | | | 1,031 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | 26,570 | | | | | | 5,073 | | |
Other tax assets
|
| | | | 11,685 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | 11,685 | | | | | | 2,231 | | |
Current tax assets
|
| | | | 6,747 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | 6,747 | | | | | | 1,288 | | |
Total current assets
|
| | | | 585,328 | | | | | | 4,380 | | | | | | 620,436 | | | | | | (70,270) | | | | | | | | | 864,270 | | | | | | | | | (1,151,030) | | | | | | | | | 471,420 | | | | | | 1,324,534 | | | | | | 252,871 | | |
Marketable securities held in Trust Account
|
| | | | — | | | | | | 1,327,212 | | | | | | — | | | | | | (1,327,212) | | | |
a
|
| | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | — | | |
Related party loans
|
| | | | 41,041 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | 41,041 | | | | | | 7,835 | | |
Deferred taxes
|
| | | | 6,308 | | | | | | — | | | | | | 8,826 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | 15,134 | | | | | | 2,889 | | |
Judicial deposits
|
| | | | 116 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | 116 | | | | | | 22 | | |
Other accounts
receivable |
| | | | 21,521 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | 21,521 | | | | | | 4,109 | | |
Other long term assets
|
| | | | — | | | | | | — | | | | | | 10,282 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | 10,282 | | | | | | 1,963 | | |
Property, plant and
equipment |
| | | | 421,510 | | | | | | — | | | | | | 19,637 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | 441,147 | | | | | | 84,221 | | |
Goodwill
|
| | | | 720,300 | | | | | | — | | | | | | 149,314 | | | | | | — | | | | | | | | | — | | | | | | | | | 240,917 | | | |
C
|
| | | | — | | | | | | 1,110,531 | | | | | | 212,014 | | |
Intangible assets
|
| | | | 9,945 | | | | | | — | | | | | | 30,338 | | | | | | — | | | | | | | | | — | | | | | | | | | 332,132 | | | |
C
|
| | | | — | | | | | | 372,415 | | | | | | 71,099 | | |
Total noncurrent assets
|
| | | | 1,220,741 | | | | | | 1,327,212 | | | | | | 218,397 | | | | | | (1,327,212) | | | | | | | | | — | | | | | | | | | 573,049 | | | | | | | | | — | | | | | | 2,012,187 | | | | | | 384,152 | | |
Total assets
|
| | | R$ | 1,806,069 | | | | | R$ | 1,331,592 | | | | | R$ | 838,833 | | | | | R$ | (1,397,482) | | | | | | | | R$ | 864,270 | | | | | | | | R$ | (577,981) | | | | | | | | R$ | 471,420 | | | | | R$ | 3,336,721 | | | | | $ | 637,023 | | |
Loans and financing
|
| | | R$ | 38,475 | | | | | R$ | — | | | | | R$ | — | | | | | R$ | — | | | | | | | | R$ | — | | | | | | | | R$ | — | | | | | | | | R$ | — | | | | | R$ | 38,475 | | | | | $ | 7,345 | | |
Debentures
|
| | | | 13,409 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | 13,409 | | | | | | 2,560 | | |
Promissory note – related party
|
| | | | — | | | | | | 3,667 | | | | | | — | | | | | | (3,667) | | | |
b
|
| | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | — | | |
Accounts payable and accrued
expenses |
| | | | 51,701 | | | | | | 3,576 | | | | | | 120,532 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | 175,809 | | | | | | 33,564 | | |
Accrued offering costs
|
| | | | — | | | | | | 837 | | | | | | — | | | | | | (837) | | | |
c (i)
|
| | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | — | | |
Labor obligations
|
| | | | 32,198 | | | | | | — | | | | | | 23,309 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | 55,507 | | | | | | 10,597 | | |
Dividends payable
|
| | | | 31,469 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | 31,469 | | | | | | 6,008 | | |
Current income tax and social
contribution payable |
| | | | 7,369 | | | | | | — | | | | | | 4,054 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | 11,423 | | | | | | 2,181 | | |
| | |
Emergencia
Historical (IFRS) |
| |
HPX
Historical (IFRS, See Note 2 for U.S. GAAP to IFRS Conversion) |
| |
Witt
O’Brien’s Historical (IFRS, See Note 4 for U.S. GAAP to IFRS Conversion) |
| |
Transaction
Accounting Adjustments |
| | | | |
Financing
Adjustments(1) |
| | | | |
Witt
O’Brien’s Transaction Accounting Adjustments (See Note 5) |
| | | | |
Witt
O’Brien’s Financing Adjustments |
| |
Pro Forma
Combined |
| |
Proforma
Combined In US$ Thousands(2) |
| |||||||||||||||||||||||||||
Other tax payable
|
| | | | 22,273 | | | | | | — | | | | | | — | | | | | | — | | | | | | | |
|
—
|
| | | | | | |
|
—
|
| | | | | | | | — | | | | | | 22,273 | | | | | | 4,252 | | |
Obligations from acquisition of investment
|
| | | | 129,481 | | | | | | — | | | | | | — | | | | | | — | | | | | | | |
|
—
|
| | | | | | |
|
—
|
| | | | | | | | — | | | | | | 129,481 | | | | | | 24,720 | | |
Other bills to pay
|
| | | | 35,765 | | | | | | — | | | | | | 32,062 | | | | | | — | | | | | | | |
|
—
|
| | | | | | |
|
—
|
| | | | | | | | — | | | | | | 67,827 | | | | | | 12,949 | | |
Lease liabilities
|
| | | | 11,244 | | | | | | — | | | | | | 2,598 | | | | | | — | | | | | | | |
|
—
|
| | | | | | |
|
—
|
| | | | | | | | — | | | | | | 13,842 | | | | | | 2,643 | | |
Total current liabilities
|
| | | | 373,384 | | | | | | 8,080 | | | | | | 182,555 | | | | | | (4,504) | | | | | | | | | — | | | | | | | | | — | | | | | | | |
|
—
|
| | | | | 559,515 | | | | | | 106,819 | | |
Noncurrent Liabilities:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Warrant liability
|
| | | | — | | | | | | 8,249 | | | | | | — | | | | | | — | | | | | | | |
|
—
|
| | | | | | |
|
—
|
| | | | | | | | — | | | | | | 8,249 | | | | | | 1,575 | | |
Deferred underwriting fee
payable |
| | | | — | | | | | | 46,382 | | | | | | — | | | | | | (46,382) | | | |
e d, f
|
| | |
|
—
|
| | | | | | |
|
—
|
| | | | | | | | — | | | | | | — | | | | | | — | | |
Loans and financing
|
| | | | 130,997 | | | | | | 1,327,212 | | | | | | 70,990 | | | | | | (1,327,212) | | | | | | | |
|
—
|
| | | | | | |
|
—
|
| | | | | | | | 471,420 | | | | | | 673,407 | | | | | | 128,562 | | |
Debentures
|
| | | | 330,201 | | | | | | — | | | | | | — | | | | | | — | | | | | | | |
|
—
|
| | | | | | |
|
—
|
| | | | | | | | — | | | | | | 330,201 | | | | | | 63,040 | | |
Deferred legal fees
|
| | | | — | | | | | | 16,198 | | | | | | — | | | | | | — | | | | | | | |
|
—
|
| | | | | | |
|
—
|
| | | | | | | | — | | | | | | 16,198 | | | | | | 3,092 | | |
Other tax expenses
|
| | | | 7,626 | | | | | | — | | | | | | — | | | | | | — | | | | | | | |
|
—
|
| | | | | | |
|
—
|
| | | | | | | | — | | | | | | 7,626 | | | | | | 1,456 | | |
Related party loans
|
| | | | 365,111 | | | | | | — | | | | | | — | | | | | | — | | | | | | | |
|
—
|
| | | | | | |
|
—
|
| | | | | | | | — | | | | | | 365,111 | | | | | | 69,704 | | |
Deferred income tax and social contribution
|
| | | | 35,832 | | | | | | — | | | | | | — | | | | | | — | | | | | | | |
|
—
|
| | | | | | |
|
—
|
| | | | | | | | — | | | | | | 35,832 | | | | | | 6,841 | | |
Obligations from acquisition of investment
|
| | | | 134,482 | | | | | | — | | | | | | — | | | | | | — | | | | | | | |
|
—
|
| | | | | | |
|
—
|
| | | | | | | | — | | | | | | 134,482 | | | | | | 25,674 | | |
Provisions for contingencies
|
| | | | 129 | | | | | | — | | | | | | — | | | | | | 44,654 | | | |
g, h
|
| | |
|
—
|
| | | | | | |
|
—
|
| | | | | | | | — | | | | | | 44,783 | | | | | | 8,550 | | |
Other bills to pay
|
| | | | 19,157 | | | | | | — | | | | | | 8,533 | | | | | | — | | | | | | | |
|
—
|
| | | | | | |
|
—
|
| | | | | | | | — | | | | | | 27,690 | | | | | | 5,286 | | |
Lease liabilities
|
| | | | 22,100 | | | | | | — | | | | | | 11,869 | | | | | | — | | | | | | | |
|
—
|
| | | | | | |
|
—
|
| | | | | | | | — | | | | | | 33,969 | | | | | | 6,485 | | |
Total noncurrent liabilities
|
| | | | 1,045,635 | | | | | | 1,398,041 | | | | | | 91,392 | | | | | | (1,328,940) | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 471,420 | | | | | | 1,677,548 | | | | | | 320,265 | | |
Total liabilities
|
| | | R$ | 1,419,019 | | | | | R$ | 1,406,121 | | | | | R$ | 273,947 | | | | | R$ | (1,333,444) | | | | | | | | R$ | — | | | | | | | | R$ | — | | | | | | | | R$ | 471,420 | | | | | R$ | 2,237,063 | | | | | $ | 427,084 | | |
Shareholders’ Equity (Deficit)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Share Capital (historical)
|
| | | | 261,920 | | | | | | — | | | | | | 5 | | | | | | (261,920) | | | |
i
|
| | |
|
—
|
| | | | | | |
|
(5)
|
| | |
B
|
| | | | — | | | | | | — | | | | | | — | | |
Preference shares, $0.0001 par value
(converted equivalent par value being R$0.0005); 5,000,000 shares authorized; none issued and outstanding |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | — | | |
Class A ordinary shares, $0.0001
par value (converted equivalent par value being R$0.0005); 500,000,000 shares authorized; none issued and outstanding (excluding 25,300,000 shares subject to possible redemption) as of June 30, 2022(3) |
| | | | — | | | | | | — | | | | | | — | | | | | | 26 | | | |
f, j, k
|
| | |
|
314
|
| | |
n
|
| | |
|
—
|
| | | | | | | | — | | | | | | 340 | | | | | | 65 | | |
| | |
Emergencia
Historical (IFRS) |
| |
HPX
Historical (IFRS, See Note 2 for U.S. GAAP to IFRS Conversion) |
| |
Witt
O’Brien’s Historical (IFRS, See Note 4 for U.S. GAAP to IFRS Conversion) |
| |
Transaction
Accounting Adjustments |
| | | | |
Financing
Adjustments(1) |
| | | | | | | |
Witt O’Brien’s
Transaction Accounting Adjustments (See Note 5) |
| | | | | | | |
Witt
O’Brien’s Financing Adjustments |
| |
Pro Forma
Combined |
| |
Pro Forma
Combined In US$ Thousands(2) |
| ||||||||||||||||||||||||
Class B ordinary shares,
$0.0001 par value (converted equivalent par value being R$0.0005); 50,000,000 shares authorized; 6,305,000 shares issued and outstanding as of June 30, 2022 |
| | | | — | | | | | | 3 | | | | | | — | | | | | | 241,984 | | | |
i, j
|
| | | | 139 | | | | | | n | | | |
—
|
| | | | | | | | | | — | | | | | | 242,126 | | | | | | 46,225 | | |
Additional paid-in capital
|
| | | | — | | | | | | — | | | | | | 256,416 | | | | | | 108,249 | | | |
c(i), c(ii),
e, f, g,
k, l, m
|
| | | | 863,817 | | | | | | n | | | |
(269,511)
|
| | | | B | | | | | | — | | | | | | 958,971 | | | | | | 183,080 | | |
Advance for future capital increase
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | |
—
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | |
Profit reserves
|
| | | | 179,679 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | |
—
|
| | | | | | | | | | — | | | | | | 179,679 | | | | | | 34,303 | | |
Capital transactions
|
| | | | (101,997) | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | |
—
|
| | | | | | | | | | — | | | | | | (101,997) | | | | | | (19,473) | | |
Equity valuation adjustment
|
| | | | 984 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | |
—
|
| | | | | | | | | | — | | | | | | 984 | | | | | | 188 | | |
Accumulated translation adjustment
|
| | | | (71,994) | | | | | | — | | | | | | (3,222) | | | | | | — | | | | | | | | | — | | | | | | | | | |
3,222
|
| | | | B | | | | | | — | | | | | | (71,994) | | | | | | (13,745) | | |
Retained earnings (losses)
|
| | | | 78,285 | | | | | | (74,532) | | | | | | 311,687 | | | | | | (152,377) | | | |
k, l, m
|
| | | | — | | | | | | | | | |
(311,687)
|
| | | | | | | | | | — | | | | | | (148,624) | | | | | | (28,374) | | |
Non-controlling interest
|
| | | | 40,173 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | |
—
|
| | | | B | | | | | | | | | | | | 40,173 | | | | | | 7,670 | | |
Total Shareholders’ Equity (Deficit)
|
| | | | 387,050 | | | | | | (74,529) | | | | | | 564,886 | | | | | | (64,038) | | | | | | | | | 864,270 | | | | | | | | | |
(577,981)
|
| | | | | | | | | | — | | | | | | 1,099,658 | | | | | | 209,939 | | |
Total liabilities, Redeemable Common Stock and Shareholders’ Equity
(Deficit) |
| | | R$ | 1,806,069 | | | | | R$ | 1,331,592 | | | | | R$ | 838,833 | | | | | R$ | (1,397,482) | | | | | | | | R$ | 864,270 | | | | | | | | | |
R$(577,981)
|
| | | | | | | | | R$ | 471,420 | | | | | R$ | 3,336,721 | | | | | $ | 637,023 | | |
| | |
Emergencia
Historical (IFRS) |
| |
HPX
Historical (IFRS, See Note2 for U.S. GAAP to IFRS Conversion) |
| |
Witt
O’Brien’s Historical (IFRS, See Note2 for U.S. GAAP to IFRS Conversion) |
| |
Transaction
Accounting Adjustments |
| | | | |
Financial
Adjustments(1) |
| |
Witt
O’Brien’s Accounting Adjustments (See Note 5) |
| | | | |
Witt
O’Brien’s Financing Adjustments |
| | | | |
Pro Forma
Combined |
| |
Proforma
Combined In US Thousands(2) |
| |||||||||||||||||||||||||||
Revenue
|
| | | R$ | 654,526 | | | | | R$ | — | | | | | R$ | 455,646 | | | | | R$ | — | | | | | | | | R$ | — | | | | | R$ | — | | | | | | | | R$ | — | | | | | | | | R$ | 1,110,172 | | | | | $ | 218,613 | | |
Cost of services rendered
|
| | | | (520,041) | | | | | | — | | | | | | (305,512) | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | (825,553) | | | | | | (162,567) | | |
Gross profit
|
| | | | 134,485 | | | | | | — | | | | | | 150,134 | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 284,619 | | | | | | 56,046 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative expenses
|
| | | | (14,043) | | | | | | (18,952) | | | | | | (68,059) | | | | | | — | | | |
aa
|
| | | | — | | | | | | (7,059) | | | |
C
|
| | | | — | | | | | | | | | (108,113) | | | | | | (21,289) | | |
Other income, net of
expenses |
| | | | 5,163 | | | | | | — | | | | | | (4,982) | | | | | | (225,893) | | | |
bb
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | (225,712) | | | | | | (44,447) | | |
Operating profit
|
| | | | 125,605 | | | | | | (18,952) | | | | | | 77,093 | | | | | | (225,893) | | | | | | | | | — | | | | | | (7,059) | | | | | | | | | — | | | | | | | | | (49,206) | | | | | | (9,691) | | |
Finance costs
|
| | | | (28,847) | | | | | | 47,359 | | | | | | (3,880) | | | | | | (1,747) | | | |
cc
|
| | | | — | | | | | | — | | | | | | | | | (14,534) | | | |
ee
|
| | | | (1,649) | | | | | | (325) | | |
Interest income from operating
bank account |
| | | | 5,535 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 5,535 | | | | | | 1,090 | | |
Profit (loss) before tax
|
| | | | 102,293 | | | | | | 28,407 | | | | | | 73,213 | | | | | | (227,640) | | | | | | | | | — | | | | | | (7,059) | | | | | | | | | (14,534) | | | | | | | | | (45,320) | | | | | | (8,926) | | |
Current income tax and social
contribution |
| | | | (14,685) | | | | | | — | | | | | | (6,333) | | | | | | — | | | | | | | | | — | | | | | | 1,482 | | | |
C
|
| | | | 4,942 | | | |
ee
|
| | | | (14,594) | | | | | | (2,874) | | |
Deferred income tax and social
contribution |
| | | | (5,227) | | | | | | — | | | | | | 1,183 | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | (4,044) | | | | | | (796) | | |
Profit (loss) for the period
|
| | | R$ | 82,381 | | | | | R$ | 28,407 | | | | | R$ | 68,063 | | | | | R$ | (227,640) | | | | | | | | R$ | — | | | | | R$ | (5,577) | | | | | | | | R$ | (9,592) | | | | | | | | R$ | (63,958) | | | | | $ | (12,596) | | |
Profit (loss) attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owners of the group
|
| | | R$ | 78,285 | | | | | R$ | 28,407 | | | | | R$ | 68,063 | | | | | R$ | (227,640) | | | |
dd
|
| | | R$ | — | | | | | R$ | (5,577) | | | | | | | | R$ | (9,592) | | | | | | | | R$ | (68,054) | | | | | $ | (13,401) | | |
Non-controlling interests
|
| | | R$ | 4,096 | | | | | R$ | — | | | | | R$ | — | | | | | R$ | — | | | |
dd
|
| | | R$ | — | | | | | R$ | — | | | | | | | | R$ | — | | | | | | | | R$ | 4,096 | | | | | $ | 805 | | |
Basic and diluted weighted
average shares outstanding, Class A ordinary shares |
| | | | | | | | | | 25,300,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 16,195,105 | | | | | | 16,195,105 | | |
Basic and diluted profit (loss) per ordinary share, Class A ordinary shares
|
| | | | | | | | | R$ | 0.91 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | R$ | (1.15) | | | | | $ | (0.23) | | |
Basic and diluted weighted
average shares outstanding, Class B ordinary shares |
| | | | | | | | | | 6,305,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 39,234,746 | | | | | | 39,234,746 | | |
Basic and diluted profit (loss) per ordinary share, Class B ordinary shares
|
| | | | | | | | | R$ | 0.91 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | R$ | (1.15) | | | | | $ | (0.23) | | |
| | |
Emergencia
Historical (IFRS) |
| |
HPX
Historical (IFRS, See Note 2 for U.S. GAAP to IFRS Conversion) |
| |
Witt
O’Brien’s Historical (IFRS, See Note 2 for U.S. GAAP to IFRS Conversion) |
| |
Transaction
Accounting Adjustments |
| | | | |
Financial
Adjustments(1) |
| |
Witt
O’Brien’s Accounting Adjustments (See Note 5) |
| | | | |
Witt
O’Brien’s Financing Adjustments |
| | | | |
Pro Forma
Combined |
| |
Pro Forma
Combined In U.S. Thousands(2) |
| |||||||||||||||||||||||||||
Revenue | | | | R$ | 822,203 | | | | | R$ | — | | | | | R$ | 1,046,658 | | | | | R$ | — | | | | | | | | R$ | — | | | | | R$ | — | | | | | | | | R$ | — | | | | | | | | R$ | 1,868,861 | | | | | $ | 346,370 | | |
Cost of services
rendered |
| | | | (618,691) | | | | | | — | | | | | | (632,295) | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | (1,250,986) | | | | | | (231,855) | | |
Gross profit
|
| | | | 203,512 | | | | | | — | | | | | | 414,363 | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 617,875 | | | | | | 114,515 | | |
Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative expenses
|
| | | | (26,837) | | | | | | (6,279) | | | | | | (154,081) | | | | | | (1,079) | | | |
aa
|
| | | | — | | | | | | (14,929) | | | |
C
|
| | | | — | | | | | | | | | (203,205) | | | | | | (37,662) | | |
Other income, net of
expenses |
| | | | 1,355 | | | | | | — | | | | | | (55,364) | | | | | | (269,318) | | | |
bb
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | (323,327) | | | | | | (59,925) | | |
Operating profit
|
| | | | 178,030 | | | | | | (6,279) | | | | | | 204,918 | | | | | | (270,397) | | | | | | | | | — | | | | | | (14,929) | | | | | | | | | — | | | | | | | | | 91,343 | | | | | | 16,928 | | |
Finance costs
|
| | | | (12,804) | | | | | | 56,969 | | | | | | (19,581) | | | | | | (137) | | | |
cc
|
| | |
|
—
|
| | | |
|
—
|
| | | | | | | | (30,884) | | | |
ee
|
| | | | (6,437) | | | | | | (1,193) | | |
Interest income from operating bank account
|
| | | | 10,776 | | | | | | — | | | | | | — | | | | | | — | | | | | | | |
|
—
|
| | | |
|
—
|
| | | | | | | | — | | | | | | | | | 10,776 | | | | | | 1,997 | | |
Profit before tax
|
| | | | 176,002 | | | | |
|
50,690
|
| | | |
|
185,337
|
| | | | | (270,534) | | | | | | | |
|
—
|
| | | |
|
(14,929)
|
| | | | | | | | (30,884) | | | | | | | | | 95,682 | | | | | | 17,732 | | |
Income tax and social contribution
|
| | | | (37,860) | | | | | | — | | | | | | (11,843) | | | | | | — | | | | | | | |
|
—
|
| | | | | 3,135 | | | |
C
|
| | | | 10,501 | | | |
ee
|
| | | | (36,067) | | | | | | (6,685) | | |
Deferred income tax and social contribution
|
| | | | — | | | | | | — | | | | | | 1,937 | | | | | | — | | | | | | | |
|
—
|
| | | | | — | | | | | | | | | — | | | | | | | | | 1,937 | | | | | | 359 | | |
Profit for the year
|
| | | R$ | 138,142 | | | | | R$ | 50,690 | | | | | R$ | 175,431 | | | | | R$ | (270,534) | | | | | | | | R$ | — | | | | | R$ | (11,794) | | | | | | | | R$ | (20,383) | | | | | | | | R$ | 61,552 | | | | | $ | 11,406 | | |
Profit Attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Owners of the group
|
| | | R$ | 131,117 | | | | | R$ | 50,690 | | | | | R$ | 175,431 | | | | | R$ | (266,896) | | | |
dd
|
| | | | — | | | | | R$ | (11,794) | | | | | | | | R$ | (20,383) | | | | | | | |
R$
|
58,165
|
| | | | $ | 10,780 | | |
Non-controlling interests
|
| | | R$ | 7,025 | | | | | R$ | — | | | | | R$ | — | | | | | R$ | (3,638) | | | |
dd
|
| | | R$ | — | | | | | R$ | — | | | | | | | | R$ | — | | | | | | | | R$ | 3,387 | | | | | $ | 626 | | |
Basic and diluted weighted
average shares outstanding, Class A ordinary shares |
| | | | | | | | | | 25,300,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 16,195,105 | | | | | | 16,195,105 | | |
Basic and diluted profit (loss)
per ordinary share, Class A ordinary shares |
| | | | | | | | | R$ | 1.62 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | R$ | 1.11 | | | | | $ | 0.21 | | |
Basic and diluted weighted
average shares outstanding, Class B ordinary shares |
| | | | | | | | | | 6,305,055 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 39,234,746 | | | | | | 39,234,746 | | |
Basic and diluted profit (loss)
per ordinary share, Class B ordinary shares |
| | | | | | | | | R$ | 1.62 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | R$ | 1.11 | | | | | $ | 0.21 | | |
(in thousands of reais)
|
| |
Six Months
ended June 30, 2022 |
| |||
Fair value of public and sponsor equity instruments to acquire HPX(1)
|
| | | R$ | 149,352 | | |
Less: Fair value of Earn-Out Shares
|
| | | | 44,654 | | |
Fair value of equity instruments issued to acquire HPX(2)
|
| | | | 104,698 | | |
Net Liabilities of HPX as of June 30, 2022(3)(4)(5)
|
| | | | (26,912) | | |
Less: HPX’s transaction costs
|
| | | | 94,284 | | |
Adjusted net assets/(liabilities) of HPX as of June 30, 2022
|
| | | | (121,196) | | |
IFRS 2 charge for listing services
|
| | | R$ | 225,894 | | |
|
Total Assets of HPX
|
| | | R$ | 1,331,592 | | |
|
Less: Redeemed Shares
|
| | | | 1,279,595 | | |
|
Adjusted Total Assets
|
| | | | 51,997 | | |
|
Total Liabilities of HPX
|
| | | | 78,909 | | |
|
Net liabilities of HPX
|
| | | R$ | (26,912) | | |
Description
|
| |
Reference
|
| |
Amount
(in thousands of reais) |
| |||
Non-recurring transaction costs
|
| |
(c)(i)
|
| | | R$ | (43,686) | | |
Non-recurring transaction costs
|
| |
(c)(ii)
|
| | | | (49,761) | | |
Settlement of deferred underwriting fee
|
| |
(e)
|
| | | | 46,382 | | |
Liability to permanent equity
|
| |
(f)
|
| | | | 47,592 | | |
Earnout Shares
|
| |
(g)
|
| | | | (44,654) | | |
RSU compensation
|
| |
(k)
|
| | | | 1,015 | | |
Removal of historical accumulated deficit
|
| |
(l)
|
| | | | (74,532) | | |
Description
|
| |
Reference
|
| |
Amount
(in thousands of reais) |
| |||
IFRS 2 listing expense
|
| |
(m)
|
| | | | 225,893 | | |
Additional paid-in capital adjustments
|
| | | | | | R$ | 108,249 | | |
Redemption
|
| |
Reference
|
| |
Shares
|
| |
Class A
Par Value (in thousands of reais) |
| |
Class B
Par Value (in thousands of reais) |
| |||||||||
Historical Balance
|
| | | | | | | — | | | | | R$ | — | | | | | R$ | 3 | | |
Liability to permanent equity
|
| |
(f)
|
| | | | 918,105 | | | | | | 25 | | | | | | — | | |
Issuance of Class B Ordinary Shares
|
| |
(i)
|
| | | | 34,184,746 | | | | | | — | | | | | | 241,984 | | |
Conversion of Class B Ordinary Shares to Class A Ordinary Shares
|
| |
(j)
|
| | | | — | | | | | | — | | | | | | — | | |
RSU compensation
|
| |
(k)
|
| | | | 20,000 | | | | | | 1 | | | | | | — | | |
Financing adjustments
|
| |
(n)
|
| | | | 16,500,000 | | | | | | 314 | | | | | | 139 | | |
Non-redeeming shares
|
| | | | | | | 3,807,000 | | | | | | — | | | | | | — | | |
Totals | | | | | | | | 55,429,851 | | | | | R$ | 340 | | | | | R$ | 242,126 | | |
|
Restricted Stock Units
|
| | | | 20,000 | | |
|
Reference Price
|
| | | $ | 10.00 | | |
|
2021 Average Spot Rate
|
| | | | 5.3956 | | |
|
RSU Compensation Expense
|
| | | R$ | 1,079,112 | | |
| | |
For the six
months ended June 30, 2022 |
| |
For the year
ended December 31, 2021 |
| ||||||
Net liabilities of HPX
|
| | | R$ | (26,912) | | | | | R$ | (59,688) | | |
Less: HPX’s transaction costs
|
| | | | 94,284 | | | | | | 100,449 | | |
Adjusted net liabilities of HPX
|
| | | | (121,196) | | | | | | (160,137) | | |
IFRS 2 charge for listing services
|
| | | R$ | 225,894 | | | | | R$ | 269,318 | | |
(in thousands of reais, except share data)
|
| |
Six Months
ended June 30, 2022 |
| |
Year Ended
December 31, 2021 |
| ||||||
Pro forma net income (loss)
|
| | | R$ | (63,958) | | | | | R$ | 61,552 | | |
Basic and diluted weighted average shares outstanding, Class A and Class B ordinary shares
|
| | | | 55,429,851 | | | | | | 55,429,851 | | |
Pro forma net income (loss) per share – basic and diluted, Class A and Class B ordinary shares
|
| | | R$ | (1.15) | | | | | R$ | 1.11 | | |
Weighted average shares outstanding – basic and diluted, Class A and Class B ordinary shares(1)
|
| | | | | | | | | | | | |
Ambipar(2) | | | | | 39,234,746 | | | | | | 39,234,746 | | |
HPX public shareholders (other than the Sponsor and its affiliates (consisting of the Insiders and Rafael Salvador Grisolia)(3)
|
| | | | 955,205 | | | | | | 955,205 | | |
(in thousands of reais, except share data)
|
| |
Six Months
ended June 30, 2022 |
| |
Year Ended
December 31, 2021 |
| ||||||
Sponsor and its affiliates (consisting of the Insiders and Rafael Salvador Grisolia)(4)
|
| | | | 1,916,100 | | | | | | 1,916,100 | | |
PIPE Investors(5)(6)
|
| | | | 13,323,800 | | | | | | 13,323,800 | | |
Total | | | | | 55,429,851 | | | | | | 55,429,851 | | |
|
As of June 30, 2022
|
| |
Before conversion
(In ‘000 of US$) |
| |
Before conversion
(In ‘000 of reais)(a) |
| |
IFRS
conversion |
| |
Footnote
reference |
| |
After conversion
(In ‘000 of reais) |
| ||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-Current Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Marketable securities held in Trust Account
|
| | | $ | 253,381 | | | | | R$ | 1,327,212 | | | | | R$ | — | | | | | | | | R$ | 1,327,212 | | |
Total Non-Current Assets
|
| | |
|
253,381
|
| | | |
|
1,327,212
|
| | | | | — | | | | | | | |
|
1,327,212
|
| |
Current Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Prepaid expenses
|
| | | | 58 | | | | | | 302 | | | | | | — | | | | | | | | | 302 | | |
Cash and cash equivalents
|
| | | | 779 | | | | | | 4,078 | | | | | | — | | | | | | | | | 4,078 | | |
Total Current Assets
|
| | | | 836 | | | | | | 4,380 | | | | | | — | | | | | | | | | 4,380 | | |
Total Assets
|
| | | $ | 254,218 | | | | | R$ | 1,331,592 | | | | | R$ | — | | | | | | | | R$ | 1,331,592 | | |
LIABILITIES AND SHAREHOLDER’S DEFICIT
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shareholders’ Deficit | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class B ordinary shares, $0.0001 par
value (converted equivalent par value being R$0.0005); 50,000,000 shares authorized; 6,305,000 shares issued and outstanding as of June 30, 2022 |
| | | | 1 | | | | | | 3 | | | | | | — | | | | | | | | | 3 | | |
Accumulated deficit
|
| | | | (14,229) | | | | | | (74,532) | | | | | | — | | | | | | | | | (74,532) | | |
Total Shareholders’ Deficit
|
| | | | (14,229) | | | | | | (74,529) | | | | | | — | | | | | | | | | (74,529) | | |
Commitments and Contingencies | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A ordinary shares subject to possible redemption, 25,300,000 shares at redemption value as of June 30, 2022
|
| | | | 253,381 | | | | | | 1,327,212 | | | | | | (1,327,212) | | | |
b
|
| | | | — | | |
Non-Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans and borrowings
|
| | | | — | | | | | | — | | | | | | 1,327,212 | | | |
b
|
| | | | 1,327,212 | | |
Deferred legal fees
|
| | | | 3,092 | | | | | | 16,198 | | | | | | — | | | | | | | | | 16,198 | | |
Warrant liabilities
|
| | | | 1,575 | | | | | | 8,249 | | | | | | — | | | | | | | | | 8,249 | | |
Deferred underwriting fee payable
|
| | | | 8,855 | | | | | | 46,382 | | | | | | — | | | | | | | | | 46,382 | | |
Total Non-Current Liabilities
|
| | | | 13,522 | | | | | | 70,829 | | | | | | 1,327,212 | | | | | | | | | 1,398,041 | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Promissory note – related party
|
| | | | 700 | | | | | | 3,667 | | | | | | — | | | | | | | | | 3,667 | | |
Accounts payable and accrued
expenses |
| | | | 682 | | | | | | 3,576 | | | | | | — | | | | | | | | | 3,576 | | |
Accrued offering costs
|
| | | | 160 | | | | | | 837 | | | | | | — | | | | | | | | | 837 | | |
Total Current liabilities
|
| | | | 1,542 | | | | | | 8,080 | | | | | | — | | | | | | | | | 8,080 | | |
Total Liabilities
|
| | | $ | 15,065 | | | | | R$ | 78,909 | | | | | R$ | 1,327,212 | | | | | | | | R$ | 1,406,121 | | |
Total Liabilities and Shareholders’ Deficit
|
| | | $ | 254,218 | | | | | R$ | 1,331,592 | | | | | R$ | — | | | | | | | | R$ | 1,331,592 | | |
For the six months ended of
June 30, 2022 |
| |
Before conversion
(In ‘000 of US$) |
| |
Before conversion
(In ‘000 of reais)(aa) |
| |
IFRS
conversion |
| |
Footnote
reference |
| |
After conversion
(In ‘000 of reais) |
| |||||||||||||||
Operating and formation costs
|
| | | $ | 3,732 | | | | | R$ | 18,952 | | | | | R$ | — | | | | | | | | | | | R$ | 18,952 | | |
Loss from operations
|
| | | | (3,732) | | | | | | (18,952) | | | | | | — | | | | | | | | | | | | (18,952) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Finance income
|
| | | | — | | | | | | — | | | | | | 47,359 | | | | | | bb | | | | | | 47,359 | | |
Change in fair value of warrant liabilities
|
| | | | 8,982 | | | | | | 45,612 | | | | | | (45,612) | | | | | | bb | | | | | | — | | |
Interest earned on marketable securities held in Trust Account
|
| | | | 344 | | | | | | 1,747 | | | | | | (1,747) | | | | | | bb | | | | | | — | | |
Net income (loss)
|
| | | $ | 5,594 | | | | | R$ | 28,407 | | | | | R$ | — | | | | | | | | | | | R$ | 28,407 | | |
For the twelve months ended of
December 31, 2021 |
| |
Before conversion
(In ‘000 of US$) |
| |
Before conversion
(In ‘000 of reais)(aa) |
| |
IFRS
conversion |
| |
Footnote
reference |
| |
After conversion
(In ‘000 of reais) |
| |||||||||||||||
Operating and formation costs
|
| | | $ | 1,164 | | | | | R$ | 6,279 | | | | | R$ | — | | | | | | | | | | | R$ | 6,279 | | |
Gross profit
|
| | | | (1,164) | | | | | | (6,279) | | | | | | — | | | | | | | | | | | | (6,279) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Finance income
|
| | | | — | | | | | | — | | | | | | 56,969 | | | | | | bb | | | | | | 56,969 | | |
Change in fair value of warrant liabilities
|
| | | | 10,533 | | | | | | 56,832 | | | | | | (56,832) | | | | | | bb | | | | | | — | | |
Interest earned on marketable
securities held in Trust Account |
| | | | 25 | | | | | | 137 | | | | | | (137) | | | | | | bb | | | | | | — | | |
Net income (loss)
|
| | | $ | 9,395 | | | | | R$ | 50,690 | | | | | R$ | — | | | | | | | | | | | R$ | 50,690 | | |
| | |
Successor
June 30, 2022 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
Assets
|
| |
Total before
presentation alignment & conversion (In ‘000 of US$) |
| |
Total before
presentation alignment & conversion (In ‘000 of reais) |
| |
Presentation
Alignment |
| |
Total before
conversion (In ‘000 of reais) |
| |
IFRS
conversion |
| | | | |
After conversion
(In ‘000 of reais) |
| ||||||||||||||||||
Current Assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash
|
| | | $ | 1,727 | | | | | R$ | 9,046 | | | | | R$ | — | | | | | R$ | 9,046 | | | | | R$ | — | | | | | | | | R$ | 9,046 | | |
Receivables
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | |
Trade, net of allowance for doubtful accounts of $5,515 and $5,641 in 2022 and 2021, respectively
|
| | | | 115,483 | | | | | | 604,900 | | | | | | (604,900) | | | | | | — | | | | | | — | | | | | | | | | — | | |
Other
|
| | | | 466 | | | | | | 2,441 | | | | | | (2,441) | | | | | | — | | | | | | — | | | | | | | | | — | | |
Trade and other receivables
|
| | | | — | | | | | | — | | | | | | 607,341 | | | | | | 607,341 | | | | | | (2,441) | | | |
(b)
|
| | | | 604,901 | | |
Prepaid expenses
|
| | | | 443 | | | | | | 2,320 | | | | | | — | | | | | | 2,320 | | | | | | (1,289) | | | |
(b)
|
| | | | 1,031 | | |
Other accounts receivable
|
| | | | — | | | | | | — | | | | | | 1,729 | | | | | | 1,729 | | | | | | 3,729 | | | |
(b)
|
| | | | 5,458 | | |
Other Assets
|
| | | | 330 | | | | | | 1,729 | | | | | | (1,729) | | | | | | — | | | | | | — | | | | | | | | | — | | |
Total current assets
|
| | | | 118,449 | | | | | | 620,436 | | | | | | — | | | | | | 620,436 | | | | | | — | | | | | | | | | 620,436 | | |
Property and Equipment
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | |
Historical Cost
|
| | | | 1,619 | | | | | | 8,480 | | | | | | (8,480) | | | | | | — | | | | | | — | | | | | | | | | — | | |
Accumulated depreciation
|
| | | | (643) | | | | | | (3,368) | | | | | | 3,368 | | | | | | — | | | | | | — | | | | | | | | | — | | |
Net property and equipment
|
| | | | 976 | | | | | | 5,112 | | | | | | (5,112) | | | | | | — | | | | | | — | | | | | | | | | — | | |
Property, plant and equipment
|
| | | | — | | | | | | — | | | | | | 5,112 | | | | | | 5,112 | | | | | | 14,525 | | | |
(b), (c)
|
| | | | 19,637 | | |
Operating Lease Right-of-Use Assets
|
| | | | 2,749 | | | | | | 14,399 | | | | | | — | | | | | | 14,399 | | | | | | (14,399) | | | |
(b)
|
| | | | — | | |
Investments, at Equity, in 50% or Less Owned Companies
|
| | | | 1,736 | | | | | | 9,093 | | | | | | (9,093) | | | | | | — | | | | | | — | | | | | | | | | — | | |
Intangible Assets, net of accumulated amortization of $1,438 and $843 in 2022 and 2021, respectively
|
| | | | 9,762 | | | | | | 51,133 | | | | | | — | | | | | | 51,133 | | | | | | (20,795) | | | |
(e)
|
| | | | 30,338 | | |
Deferred Income Taxes
|
| | | | 1,685 | | | | | | 8,826 | | | | | | — | | | | | | 8,826 | | | | | | — | | | | | | | | | 8,826 | | |
Other Assets
|
| | | | 227 | | | | | | 1,189 | | | | | | (1,189) | | | | | | — | | | | | | — | | | | | | | | | — | | |
Other long term assets
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,282 | | | |
(b)
|
| | | | 10,282 | | |
Goodwill
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 149,314 | | | |
(d)
|
| | | | 149,314 | | |
Other Accounts Receivable
|
| | | | — | | | | | | — | | | | | | 10,282 | | | | | | 10,282 | | | | | | (10,282) | | | |
(b)
|
| | | | — | | |
| | | | $ | 135,584 | | | | | R$ | 710,188 | | | | | R$ | — | | | | | R$ | 710,188 | | | | | R$ | 128,645 | | | | | | | | R$ | 838,833 | | |
| | |
Successor
June 30, 2022 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
Assets
|
| |
Total before
presentation alignment & conversion (In ‘000 of US$) |
| |
Total before
presentation alignment & conversion (In ‘000 of reais) |
| |
Presentation
Alignment |
| |
Total before
conversion (In ‘000 of reais) |
| |
IFRS
conversion |
| | | | |
After conversion
(In ‘000 of reais) |
| ||||||||||||||||||
Liabilities and Members Equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current portion of long-term operating
lease liabilities |
| | | $ | 496 | | | | | R$ | 2,598 | | | | | R$ | — | | | | | R$ | 2,598 | | | | | R$ | — | | | | | | | | R$ | 2,598 | | |
Accounts payable and accrued
expenses |
| | | | 23,011 | | | | | | 120,532 | | | | | | — | | | | | | 120,532 | | | | | | — | | | | | | | | | 120,532 | | |
Contract liabilities
|
| | | | 5,650 | | | | | | 29,595 | | | | | | (29,595) | | | | | | — | | | | | | — | | | | | | | | | — | | |
Other current liabilities
|
| | | | 5,695 | | | | | | 29,830 | | | | | | (29,830) | | | | | | — | | | | | | — | | | | | | | | | — | | |
Employee benefits
|
| | | | — | | | | | | — | | | | | | 23,309 | | | | | | 23,309 | | | | | | — | | | | | | | | | 23,309 | | |
Current income tax and social contribution payable
|
| | | | — | | | | | | — | | | | | | 4,054 | | | | | | 4,054 | | | | | | — | | | | | | | | | 4,054 | | |
Other bills to pay
|
| | | | — | | | | | | — | | | | | | 32,062 | | | | | | 32,062 | | | | | | — | | | | | | | | | 32,062 | | |
Total current liabilities
|
| | | | 34,852 | | | | | | 182,555 | | | | | | — | | | | | | 182,555 | | | | | | — | | | | | | | | | 182,555 | | |
Long-Term Operating Lease
Liabilities |
| | | | 2,266 | | | | | | 11,869 | | | | | | — | | | | | | 11,869 | | | | | | — | | | | | | | | | 11,869 | | |
Advances from SEACOR
|
| | | | 19,397 | | | | | | 101,601 | | | | | | (101,601) | | | | | | — | | | | | | — | | | | | | | | | — | | |
Loans and borrowings
|
| | | | — | | | | | | — | | | | | | 101,601 | | | | | | 101,601 | | | | | | (30,611) | | | |
(f)
|
| | | | 70,990 | | |
Other bills to pay
|
| | | | — | | | | | | — | | | | | | 8,533 | | | | | | 8,533 | | | | | | — | | | | | | | | | 8,533 | | |
Other Liabilities
|
| | | | 1,629 | | | | | | 8,533 | | | | | | (8,533) | | | | | | — | | | | | | — | | | | | | | | | — | | |
Total liabilities
|
| | | | 58,144 | | | | | | 304,558 | | | | | | — | | | | | | 304,558 | | | | | | (30,611) | | | | | | | | | 273,947 | | |
Members’ Equity: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock
|
| | | | 1 | | | | | | 5 | | | | | | (5) | | | | | | — | | | | | | — | | | | | | | | | — | | |
Share Capital
|
| | | | — | | | | | | — | | | | | | 5 | | | | | | 5 | | | | | | — | | | | | | | | | 5 | | |
Additional paid-in capital
|
| | | | 32,601 | | | | | | 170,764 | | | | | | — | | | | | | 170,764 | | | | | | 85,652 | | | |
(g)
|
| | | | 256,416 | | |
Retained earnings
|
| | | | 44,883 | | | | | | 235,097 | | | | | | — | | | | | | 235,097 | | | | | | 76,590 | | | |
(i)
|
| | | | 311,687 | | |
Other comprehensive loss
|
| | | | (45) | | | | | | (236) | | | | | | — | | | | | | (236) | | | | | | (2,986) | | | |
(h)
|
| | | | (3,222) | | |
Total members’ equity
|
| | | | 77,440 | | | | | | 405,630 | | | | | | — | | | | | | 405,630 | | | | | | 159,256 | | | | | | | | | 564,886 | | |
Total Liabilities and Members Equity
|
| | | $ | 135,584 | | | | | R$ | 710,188 | | | | | R$ | — | | | | | R$ | 710,188 | | | | | R$ | 128,645 | | | | | | | | R$ | 838,833 | | |
|
| | |
Successor
January 1, 2022 through June 30, 2022 |
| |
Total before
presentation alignment & conversion (In ‘000 of US$) |
| |
Total before
presentation alignment & conversion (In ‘000 of reais) |
| |
Presentation
Alignment |
| |
Total before
conversion (In ‘000 of reais) |
| |
IFRS
conversion |
| | | | |
After
conversion (In ‘000 of reais) |
| |||||||||||||||||||||
Operating Revenues
|
| | | $ | 89,725 | | | | | $ | 89,725 | | | | | R$ | 455,646 | | | | | R$ | — | | | | | R$ | 455,646 | | | | | R$ | — | | | | | | | | R$ | 455,646 | | |
Cost of services rendered
|
| | | | — | | | | | | — | | | | | | — | | | | | | 305,512 | | | | | | 305,512 | | | | | | — | | | | | | | | | 305,512 | | |
Gross Profit
|
| | | | 89,725 | | | | | | 89,725 | | | | | | 455,646 | | | | | | (305,512) | | | | | | 150,134 | | | | | | — | | | | | | | | | 150,134 | | |
Costs and Expenses
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating
|
| | | | 60,161 | | | | | | 60,161 | | | | | | 305,512 | | | | | | (305,512) | | | | | | — | | | | | | — | | | | | | | | | — | | |
Administrative and general
|
| | | | 12,484 | | | | | | 12,484 | | | | | | 63,397 | | | | | | (63,397) | | | | | | — | | | | | | — | | | | | | | | | — | | |
Depreciation and amortization
|
| | | | 892 | | | | | | 892 | | | | | | 4,530 | | | | | | (4,530) | | | | | | — | | | | | | — | | | | | | | | | — | | |
Selling, general and administrative
expenses |
| | | | — | | | | | | — | | | | | | — | | | | | | 67,927 | | | | | | 67,927 | | | | | | 132 | | | |
bb
|
| | | | 68,059 | | |
Other income, net expenses
|
| | | | — | | | | | | — | | | | | | — | | | | | | 4,982 | | | | | | 4,982 | | | | | | — | | | | | | | | | 4,982 | | |
Operating Income
|
| | | | 16,188 | | | | | | 16,188 | | | | | | 82,207 | | | | | | (4,982) | | | | | | 77,225 | | | | | | (132) | | | | | | | | | 77,093 | | |
| | |
Successor
January 1, 2022 through June 30, 2022 |
| |
Total before
presentation alignment & conversion (In ‘000 of US$) |
| |
Total before
presentation alignment & conversion (In ‘000 of reais) |
| |
Presentation
Alignment |
| |
Total before
conversion (In ‘000 of reais) |
| |
IFRS
conversion |
| | | | |
After
conversion (In ‘000 of reais) |
| |||||||||||||||||||||
Other Income (Expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense on advances from
SEACOR |
| | | | (711) | | | | | | (711) | | | | | | (3,611) | | | | | | 3,611 | | | | | | — | | | | | | — | | | | | | | | | — | | |
Finance costs
|
| | | | — | | | | | | — | | | | | | — | | | | | | (3,611) | | | | | | (3,611) | | | | | | (269) | | | |
bb
|
| | | | (3,880) | | |
SEACOR management fees
|
| | | | (1,465) | | | | | | (1,465) | | | | | | (7,440) | | | | | | 7,440 | | | | | | — | | | | | | — | | | | | | | | | — | | |
Foreign currency losses, net
|
| | | | 89 | | | | | | 89 | | | | | | 452 | | | | | | (452) | | | | | | — | | | | | | — | | | | | | | | | — | | |
Other, net
|
| | | | 15 | | | | | | 15 | | | | | | 76 | | | | | | (76) | | | | | | — | | | | | | — | | | | | | | | | — | | |
Income before Income Tax Expense and
Equity in Earnings of 50% or Less Owned Companies |
| | | | 14,116 | | | | | | 14,116 | | | | | | 71,684 | | | | | | 1,930 | | | | | | 73,614 | | | | | | (401) | | | | | | | | | 73,213 | | |
Income Tax Expense (Benefit): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current
|
| | | | 1,014 | | | | | | 1,014 | | | | | | 5,150 | | | | | | (5,150) | | | | | | — | | | | | | — | | | | | | | | | — | | |
Current income tax and social contribution
|
| | | | — | | | | | | — | | | | | | — | | | | | | 6,333 | | | | | | 6,333 | | | | | | — | | | | | | | | | 6,333 | | |
Deferred
|
| | | | — | | | | | | — | | | | | | — | | | | | | (1,183) | | | | | | (1,183) | | | | | | — | | | | | | | | | (1,183) | | |
Deferred income tax and social
contribution |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | |
Income Before Equity in Earnings of 50% or Less Owned Companies
|
| | | | 13,102 | | | | | | 13,102 | | | | | | 66,534 | | | | | | 1,930 | | | | | | 68,464 | | | | | | (401) | | | | | | | | | 68,063 | | |
Equity in Earnings of 50% or Less Owned Companies, Net of Tax
|
| | | | 380 | | | | | | 380 | | | | | | 1,930 | | | | | | (1,930) | | | | | | — | | | | | | — | | | | | | | | | — | | |
Net Income
|
| | | | 13,482 | | | | | | 13,482 | | | | | | 68,464 | | | | | | — | | | | | | 68,464 | | | | | | (401) | | | | | | | | | 68,063 | | |
Foreign currency translation losses, net of tax
|
| | | | (19) | | | | | | (19) | | | | | | (96) | | | | | | — | | | | | | (96) | | | | | | — | | | | | | | | | (96) | | |
Comprehensive Income
|
| | | $ | 13,463 | | | | | $ | 13,463 | | | | | R$ | 68,368 | | | | | R$ | — | | | | | R$ | 68,368 | | | | | R$ | (401) | | | | | | | | R$ | 67,967 | | |
|
| | |
Successor
|
| | |
Predecessor
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
| | |
April 15,
2021 through December 31, 2021 |
| | |
January 1,
2021 through April 14, 2021 |
| |
Total before
presentation alignment & conversion (In ‘000 of US$) |
| |
Total before
presentation alignment & conversion (In ‘000 of reais) |
| |
Presentation
Alignment |
| |
Total before
conversion (In ‘000 of reais) |
| |
IFRS
conversion |
| | | | |
After
conversion (In ‘000 of reais) |
| ||||||||||||||||||||||||
Operating Revenues
|
| | | $ | 165,696 | | | | | | $ | 28,289 | | | | | $ | 193,985 | | | | | R$ | 1,046,658 | | | | | R$ | — | | | | | R$ | 1,046,658 | | | | | R$ | — | | | | | | | | R$ | 1,046,658 | | |
Cost of services rendered
|
| | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | 632,295 | | | | | | 632,295 | | | | | | — | | | | | | | | | 632,295 | | |
Gross Profit
|
| | | | 165,696 | | | | | | | 28,289 | | | | | | 193,985 | | | | | | 1,046,658 | | | | | | (632,295) | | | | | | 414,363 | | | | | | — | | | | | | | | | 414,363 | | |
Costs and Expenses
Operating |
| | | | 98,641 | | | | | | | 18,547 | | | | | | 117,188 | | | | | | 632,295 | | | | | | (632,295) | | | | | | — | | | | | | — | | | | | | | | | — | | |
Administrative and general
|
| | | | 20,408 | | | | | | | 6,487 | | | | | | 26,895 | | | | | | 145,114 | | | | | | (145,114) | | | | | | — | | | | | | — | | | | | | | | | — | | |
Depreciation and
amortization |
| | | | 1,170 | | | | | | | 426 | | | | | | 1,596 | | | | | | 8,611 | | | | | | (8,611) | | | | | | — | | | | | | — | | | | | | | | | — | | |
Selling, general and administrative expenses
|
| | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | 153,725 | | | | | | 153,725 | | | | | | 356 | | | |
bb
|
| | | | 154,081 | | |
Other income, net
expenses |
| | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | 55,364 | | | | | | 55,364 | | | | | | — | | | | | | | | | 55,364 | | |
Operating Income
|
| | | | 45,477 | | | | | | | 2,829 | | | | | | 48,306 | | | | | | 260,638 | | | | | | (55,364) | | | | | | 205,274 | | | | | | (356) | | | | | | | | | 204,918 | | |
Other Income (Expense): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense on advances from SEACOR
|
| | | | (2,815) | | | | | | | (767) | | | | | | (3,582) | | | | | | (19,327) | | | | | | 19,327 | | | | | | — | | | | | | — | | | | | | | | | — | | |
Finance costs
|
| | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (19,327) | | | | | | (19,327) | | | | | | (254) | | | |
bb
|
| | | | (19,581) | | |
| | |
Successor
|
| | |
Predecessor
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||
| | |
April 15,
2021 through December 31, 2021 |
| | |
January 1,
2021 through April 14, 2021 |
| |
Total before
presentation alignment & conversion (In ‘000 of US$) |
| |
Total before
presentation alignment & conversion (In ‘000 of reais) |
| |
Presentation
Alignment |
| |
Total before
conversion (In ‘000 of reais) |
| |
IFRS
conversion |
| | | | |
After
conversion (In ‘000 of reais) |
| ||||||||||||||||||||||||
SEACOR management fees
|
| | | | (10,501) | | | | | | | (707) | | | | | | (11,208) | | | | | | (60,473) | | | | | | 60,473 | | | | | | — | | | | | | — | | | | | | | | | — | | |
Foreign currency losses, net
|
| | | | (17) | | | | | | | (1) | | | | | | (18) | | | | | | (97) | | | | | | 97 | | | | | | — | | | | | | — | | | | | | | | | — | | |
Other, net
|
| | | | 13 | | | | | | | 13 | | | | | | 26 | | | | | | 140 | | | | | | (140) | | | | | | — | | | | | | — | | | | | | | | | — | | |
Income before Income Tax Expense and Equity in Earnings of 50% or Less Owned Companies
|
| | | | 32,157 | | | | | | | 1,367 | | | | | | 33,524 | | | | | | 180,881 | | | | | | 5,066 | | | | | | 185,947 | | | | | | (610) | | | | | | | | | 185,337 | | |
Income Tax Expense (Benefit):
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current
|
| | | | 1,856 | | | | | | | 339 | | | | | | 2,195 | | | | | | 11,843 | | | | | | (11,843) | | | | | | — | | | | | | — | | | | | | | | | — | | |
Current income tax and social
contribution |
| | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,843 | | | | | | 11,843 | | | | | | — | | | | | | | | | 11,843 | | |
Deferred
|
| | | | (292) | | | | | | | (67) | | | | | | (359) | | | | | | (1,937) | | | | | | 1,937 | | | | | | — | | | | | | — | | | | | | | | | — | | |
Deferred income tax and social contribution
|
| | | | — | | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,937) | | | | | | (1,937) | | | | | | — | | | | | | | | | (1,937) | | |
Income Before Equity in Earnings of 50% or Less Owned Companies
|
| | | | 30,593 | | | | | | | 1,095 | | | | | | 31,688 | | | | | | 170,975 | | | | | | 5,066 | | | | | | 176,041 | | | | | | (610) | | | | | | | | | 175,431 | | |
Equity in Earnings of 50% or
Less Owned Companies, Net of Tax |
| | | | 962 | | | | | | | 57 | | | | | | 1,019 | | | | | | 5,498 | | | | | | (5,498) | | | | | | — | | | | | | — | | | | | | | | | — | | |
Net Income
|
| | | | 31,555 | | | | | | | 1,152 | | | | | | 32,707 | | | | | | 176,473 | | | | | | (432) | | | | | | 176,041 | | | | | | (610) | | | | | | | | | 175,431 | | |
Foreign currency translation losses, net of tax
|
| | | | (26) | | | | | | | (54) | | | | | | (80) | | | | | | (432) | | | | | | 432 | | | | | | — | | | | | | — | | | | | | | | | — | | |
Comprehensive Income
|
| | | $ | 31,529 | | | | | | $ | 1,098 | | | | | $ | 32,627 | | | | | R$ | 176,041 | | | | | R$ | — | | | | | R$ | 176,041 | | | | | R$ | (610) | | | | | | | | R$ | 175,431 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Preliminary Purchase Price Allocation (in 000s in reais) | | | | | | | |
|
Cash consideration transferred
|
| | | R$ | 855,690 | | |
|
Trade and other receivables
|
| | | | 331,702 | | |
|
Prepaid expenses
|
| | | | 5,458 | | |
|
Other accounts receivable, current and noncurrent
|
| | | | 1,031 | | |
|
Property, plant, and equipment
|
| | | | 19,637 | | |
|
Deferred taxes
|
| | | | 8,826 | | |
|
Other long-term assets
|
| | | | 10,282 | | |
|
Intangible assets
|
| | | | 362,470 | | |
|
Accounts payable and accrued expenses
|
| | | | (120,532) | | |
|
Income taxes payable
|
| | | | (4,054) | | |
|
Other liabilities
|
| | | | (78,371) | | |
|
Loans and financing
|
| | | | (70,990) | | |
|
Net Assets Acquired
|
| | | | 465,459 | | |
|
Amount Allocated to Goodwill
|
| | | R$ | 390,231 | | |
| | |
For the six months ended June 30,
|
| |||||||||
Net Revenue
|
| |
2022
|
| |
2021
|
| ||||||
| | |
(in millions of R$)
|
| |||||||||
Brazil
|
| | | | 209.7 | | | | | | 103.1 | | |
Latin America (other than Brazil)(1)
|
| | | | 98.7 | | | | | | 61.5 | | |
North America
|
| | | | 262.8 | | | | | | 108.7 | | |
Europe(2) | | | | | 83.3 | | | | | | 61.3 | | |
Total | | | | | 654.5 | | | | | | 334.6 | | |
| | |
For the year ended December 31,
|
| |||||||||
Net Revenue
|
| |
2021
|
| |
2020
|
| ||||||
| | |
(in millions of R$)
|
| |||||||||
Brazil
|
| | | | 210.4 | | | | | | 156.2 | | |
Latin America (other than Brazil)(1)
|
| | | | 144.4 | | | | | | 104.8 | | |
North America
|
| | | | 334.8 | | | | | | 69.2 | | |
Europe(2) | | | | | 132.6 | | | | | | 34.0 | | |
Total | | | | | 822.2 | | | | | | 364.3 | | |
| | |
As of June 30, 2022
|
| |||
| | |
Total
|
| |||
Brazil
|
| | | | 1,761 | | |
Latin America (ex-Brazil and including Antarctica)
|
| | | | 1,075 | | |
North America
|
| | | | 387 | | |
Europe (including Africa)
|
| | | | 130 | | |
Total | | | | | 3,353 | | |
| | |
For the Six Months
Ended June 30, |
| |
For the Year Ended
December 31, |
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| ||||||||||||
Emergency response and industrial field services
|
| | | | 93.3% | | | | | | 98.0% | | | | | | 90.4% | | | | | | 96.1% | | |
Consulting services
|
| | | | 5.6% | | | | | | 1.3% | | | | | | 8.4% | | | | | | 2.5% | | |
Training services
|
| | | | 1.2% | | | | | | 0.7% | | | | | | 1.2% | | | | | | 1.4% | | |
| | |
For the six months ended June 30,
|
| |
For the year ended December 31,
|
| ||||||||||||||||||||||||||||||
| | |
2022
|
| |
2022
|
| |
2021
|
| |
2021
|
| |
2021
|
| |
2020
|
| ||||||||||||||||||
| | |
(Unaudited Consolidated)
|
| |
(Unaudited Combined)
|
| ||||||||||||||||||||||||||||||
| | |
(in US$ millions,
except %)(1) |
| |
(in R$ millions,
except %) |
| |
(in US$ millions,
except %)(1) |
| |
(in R$ millions,
except %) |
| ||||||||||||||||||||||||
EBITDA(2) | | | | | 32.0 | | | | | | 167.9 | | | | | | 93.2 | | | | | | 45.5 | | | | | | 238.2 | | | | | | 112.4 | | |
EBITDA Margin(3)
|
| | | | 25.6% | | | | | | 25.6% | | | | | | 27.9% | | | | | | 29.0% | | | | | | 29.0% | | | | | | 30.9% | | |
ROIC(4) | | | | | 16.0% | | | | | | 16.0% | | | | | | N/A(5) | | | | | | 28.7% | | | | | | 28.7% | | | | | | 36.2% | | |
Free Cash Flow(6)
|
| | | | 9.9 | | | | | | 51.7 | | | | | | 0.4 | | | | | | (4.0) | | | | | | (20.8) | | | | | | 28.0 | | |
Cash Conversion Rate(7)
|
| | | | 30.8% | | | | | | 30.8% | | | | | | 0.4% | | | | | | (8.7)% | | | | | | (8.7)% | | | | | | 24.9% | | |
| | |
For the six months ended June 30,
|
| |||||||||||||||
| | |
2022
|
| |
2021
|
| |
Variation
|
| |||||||||
| | |
(in R$ millions)
|
| |
%
|
| ||||||||||||
Net revenue
|
| | | | 654.5 | | | | | | 334.6 | | | | | | 95.6% | | |
Cost of services rendered
|
| | | | (520.0) | | | | | | (251.1) | | | | | | 107.1% | | |
Gross profit
|
| | | | 134.5 | | | | | | 83.5 | | | | | | 61.1% | | |
Operating expenses | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative expenses
|
| | | | (14.0) | | | | | | (13.9) | | | | | | 0.7% | | |
Other income, net expenses
|
| | | | 5.1 | | | | | | (0.1) | | | | | | (5200.0)% | | |
Operating profit
|
| | | | 125.6 | | | | | | 69.5 | | | | | | 80.7% | | |
Net finance cost/revenue
|
| | | | (23.3) | | | | | | 5.9 | | | | | | (494.9)% | | |
Profit before tax
|
| | | | 102.3 | | | | | | 75.4 | | | | | | 35.7% | | |
Income tax and social contribution
|
| | | | (19.9) | | | | | | (22.8) | | | | | | (12.7)% | | |
Profit for the period
|
| | | | 82.4 | | | | | | 52.6 | | | | | | 56.7% | | |
| | |
For the six months ended June 30,
|
| |||||||||||||||
| | |
2022
|
| |
2021
|
| |
Variation
|
| |||||||||
| | |
(in R$ millions)
|
| |
%
|
| ||||||||||||
Brazil
|
| | | | 209.7 | | | | | | 103.1 | | | | | | 103.4% | | |
Latin America (other than Brazil)(1)
|
| | | | 98.7 | | | | | | 61.5 | | | | | | 60.5% | | |
North America
|
| | | | 262.8 | | | | | | 108.7 | | | | | | 141.8% | | |
Europe(2) | | | | | 83.3 | | | | | | 61.3 | | | | | | 35.9% | | |
Net revenue
|
| | | | 654.5 | | | | | | 334.6 | | | | | | 95.6% | | |
| | |
2021
|
| |
2020
|
| |
Variation
|
| |||||||||
| | |
(in R$ millions)
|
| |
%
|
| ||||||||||||
Net revenue
|
| | | | 822.2 | | | | | | 364.3 | | | | | | 125.7% | | |
Cost of services rendered
|
| | | | (618.7) | | | | | | (256.1) | | | | | | 141.6% | | |
Gross profit
|
| | | | 203.5 | | | | | | 108.1 | | | | | | 88.3% | | |
Operating expenses | | | | | | | | | | | | | | | | | | | |
Selling, general and administrative expenses
|
| | | | (26.8) | | | | | | (19.0) | | | | | | 41.1% | | |
Other income, net expenses
|
| | | | 1.4 | | | | | | 0.7 | | | | | | 100.0% | | |
Operating profit
|
| | | | 178.0 | | | | | | 89.9 | | | | | | 98.0% | | |
| | |
2021
|
| |
2020
|
| |
Variation
|
| |||||||||
| | |
(in R$ millions)
|
| |
%
|
| ||||||||||||
Net finance costs
|
| | | | (2.0) | | | | | | (7.1) | | | | | | (71.8)% | | |
Profit before tax
|
| | | | 176.0 | | | | | | 82.8 | | | | | | 112.6% | | |
Income tax and social contribution
|
| | | | (37.9) | | | | | | (16.7) | | | | | | 126.9% | | |
Profit for the year
|
| | | | 138.1 | | | | | | 66.0 | | | | | | 109.2% | | |
|
| | |
For the years ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
Variation
|
| |||||||||
| | |
(in R$ millions)
|
| |
%
|
| ||||||||||||
Brazil
|
| | | | 210.4 | | | | | | 156.3 | | | | | | 34.6% | | |
Latin America (Other than Brazil)(1)
|
| | | | 144.4 | | | | | | 104.8 | | | | | | 37.8% | | |
North America
|
| | | | 334.8 | | | | | | 69.2 | | | | | | 383.8% | | |
Europe(2) | | | | | 132.6 | | | | | | 34.0 | | | | | | 290.0% | | |
Net revenue
|
| | | | 822.2 | | | | | | 364.3 | | | | | | 125.7% | | |
| | |
For the
Six Months Ended June 30, |
| |
For the
Year Ended December 31 , |
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2021
|
| |
2020
|
| ||||||||||||
| | |
(in millions of R$)
|
| |||||||||||||||||||||
Cash and cash equivalents at the end of the year
|
| | | | 157.2 | | | | | | 80.8 | | | | | | 118.9 | | | | | | 61.8 | | |
Net cash generated from operating activities
|
| | | | 87.8 | | | | | | 31.0 | | | | | | 64.3 | | | | | | 32.5 | | |
Net cash used in investing activities
|
| | | | (259.2) | | | | | | (256.6) | | | | | | (448.4) | | | | | | (117.7) | | |
Net cash generated from financing activities
|
| | | | 195.1 | | | | | | 217.6 | | | | | | 433.3 | | | | | | 108.9 | | |
Exchange rate change in cash and cash equivalent
|
| | | | 14.7 | | | | | | 27.0 | | | | | | 8.0 | | | | | | 25.8 | | |
Increase in cash and cash equivalents
|
| | | | 23.6 | | | | | | (8.0) | | | | | | 49.2 | | | | | | 23.7 | | |
| | |
As of June 30, 2022
|
| |||||||||||||||
| | |
Weighted
Average Interest rate on June 30, 2022 |
| |
Maturity
|
| |
Current
|
| |
Non-current
|
| ||||||
| | | | | | | | |
(combined)
(in millions of R$) |
| |||||||||
Working capital
|
| |
12.49%
|
| | March 2027 | | | | | 17.0 | | | | | | 62.3 | | |
Investment financing(1)
|
| |
12.48%
|
| | June, 2027 | | | | | 19.5 | | | | | | 66.6 | | |
Financial leases liabilities
|
| |
7.98%
|
| |
November, 2025
|
| | | | 2.0 | | | | | | 2.1 | | |
Debenture
|
| |
CDI + 3.5%
|
| | February 2028 | | | | | 13.4 | | | | | | 330.2 | | |
Total | | | | | | | | | | | 51.9 | | | | | | 461.2 | | |
| | |
As of June 30, 2022
|
| |||
| | |
(in millions of R$)
|
| |||
Year of maturity: | | | | | | | |
2023
|
| | | | 32.3 | | |
2024
|
| | | | 43.6 | | |
2025
|
| | | | 33.7 | | |
2026
|
| | | | 17.6 | | |
2027
|
| | | | 3.9 | | |
Total | | | | | 131.0 | | |
| | |
As of June 30, 2022
|
| |||
| | |
(in millions of R$)
|
| |||
Year of maturity: | | | | | | | |
2023
|
| | | | 59.3 | | |
2024
|
| | | | 55.3 | | |
2025
|
| | | | 55.3 | | |
2026
|
| | | | 160.5 | | |
Total | | | | | 330.2 | | |
| | |
As of
June 30, 2022 |
| |
Scenario I −
Probable |
| |
Scenario II−
Possible (25%) |
| |
Scenario III −
Remote (50%) |
| ||||||||||||
| | |
(in millions of R$)
|
| | | | | | | |
(in millions of R$)
|
| | | | | | | ||||||
Index risk | | | | | | | | | | | | | | | | | | | | | | | | | |
CDI – Interest earning bank deposits
|
| | | | 64.1 | | | | | | 8.5 | | | | | | (10.6) | | | | | | 12.7 | | |
CDI – Loans and Financing
|
| | | | (169.5) | | | | | | (22.5) | | | | | | (28.1) | | | | | | (33.7) | | |
CDI – Debentures
|
| | | | (343.6) | | | | | | (45.5) | | | | | | (56.9) | | | | | | (68.3) | | |
Net exposure
|
| | | | (449.0) | | | | | | (59.5) | | | | | | (74.4) | | | | | | (89.2) | | |
| | |
As of
December 31, 2021 |
| |
Scenario I −
Probable |
| |
Scenario II−
Possible (25%) |
| |
Scenario III −
Remote (50%) |
| ||||||||||||
| | |
(in millions of R$)
|
| | | | | | | |
(in millions of R$)
|
| | | | | | | ||||||
Index risk | | | | | | | | | | | | | | | | | | | | | | | | | |
CDI – Interest earning bank deposits
|
| | | | 61.5 | | | | | | 5.7 | | | | | | 4.3 | | | | | | 2.8 | | |
CDI – Loans and Financing
|
| | | | (155.3) | | | | | | (14.4) | | | | | | (18.0) | | | | | | (21.5) | | |
Net exposure
|
| | | | (93.8) | | | | | | (8.7) | | | | | | (13.7) | | | | | | (18.7) | | |
Name
|
| |
Age
|
| |
Position
|
|
Tércio Borlenghi Junior | | |
53
|
| | Chairman of the Board | |
Izabel Cristina Andriotti Cruz de Oliveira | | |
58
|
| | Director | |
Alessandra Bessa Alves de Melo | | |
51
|
| | Director | |
Thiago da Costa Silva | | |
39
|
| | Director | |
Mariana Loyola Ferreira Sgarbi | | |
39
|
| | Independent Director | |
Carlos Piani | | |
49
|
| | Independent Director | |
Victor Almeida | | |
32
|
| | Independent Director | |
Name
|
| |
Age
|
| |
Position
|
|
1. Carlos Piani | | |
49
|
| | Member | |
2. Thiago da Costa Silva | | |
39
|
| | Member | |
3. Mariana Loyola Ferreira Sgarbi | | |
39
|
| | Member | |
Name
|
| |
Age
|
| |
Position
|
|
Executive Officers | | | | | | | |
1. Yuri Keiserman | | |
47
|
| | Chief Executive Officer | |
2. Rafael Espírito Santo | | |
42
|
| | Chief Financial Officer | |
3. Guilherme Patini Borlenghi | | |
29
|
| | Chief Operational Officer | |
4. Pedro Petersen | | |
31
|
| | Chief Investor Relations Officer | |
| | |
Class A
Ordinary Shares |
| |
Class B
Ordinary Shares |
| |
Total
Ordinary Shares |
| |
Total
Voting Power |
| ||||||||||||||||||||||||
Beneficial Owner
|
| |
Number
|
| |
Percentage
|
| |
Number
|
| |
Percentage
|
| |
Percentage
|
| |
Percentage
|
| ||||||||||||||||||
Principal Shareholders: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Ambipar Participações e Empreendimentos S.A.(1)
|
| | | | — | | | | | | — | | | | | | 39,234,746 | | | | | | 100% | | | | | | 70.8% | | | | | | 96.0% | | |
Opportunity Agro Fundo de Investimento em Participações Multiestratégia Investimento no
Exterior(2) |
| | | | 14,090,000 | | | | | | 76.3% | | | | | | — | | | | | | — | | | | | | 24.4% | | | | | | 3.4% | | |
HPX Capital Partners LLC(3)
|
| | | | 2,512,807 | | | | | | 14.9% | | | | | | — | | | | | | — | | | | | | 4.5% | | | | | | 0.6% | | |
Directors and Executive Officers:(4) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Tércio Borlenghi Junior(1)
|
| | | | — | | | | | | — | | | | | | 22,049,927 | | | | | | 56.2% | | | | | | 39.8% | | | | | | 54.0% | | |
Izabel Cristina Andriotti Cruz de Oliveira
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Alessandra Bessa Alves de Melo
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Thiago da Costa Silva
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Mariana Loyola Ferreira Sgarbi
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Carlos Piani(3)
|
| | | | 837,602 | | | | | | 5.1% | | | | | | — | | | | | | — | | | | | | 1.5% | | | | | | 0.2% | | |
Victor Almeida
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Yuri Keiserman
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Rafael Espírito Santo
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Class A
Ordinary Shares |
| |
Class B
Ordinary Shares |
| |
Total
Ordinary Shares |
| |
Total
Voting Power |
| ||||||||||||||||||||||||
Beneficial Owner
|
| |
Number
|
| |
Percentage
|
| |
Number
|
| |
Percentage
|
| |
Percentage
|
| |
Percentage
|
| ||||||||||||||||||
Guilherme Patini Borlenghi
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Pedro Petersen
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
All directors and executive officers as a group (11 individuals)
|
| | | | 837,602 | | | | | | 5.1% | | | | | | 22,049,927 | | | | | | 56.2% | | | | | | 41.1% | | | | | | 54.1% | | |
| | |
Securities beneficially owned
prior to offering |
| |
Securities to be sold
in the offering(1) |
| |
Securities beneficially owned
after offering(2) |
| |||||||||||||||||||||||||||||||||||||||||||||||||||
Name of Selling Securityholder
|
| |
Class A
Ordinary Shares(3) |
| |
%(4)
|
| |
Warrants
|
| |
%(5)
|
| |
Class A
Ordinary Shares |
| |
Warrants
|
| |
Class A
Ordinary Shares |
| |
%(4)
|
| |
Warrants
|
| |
%
|
| ||||||||||||||||||||||||||||||
HPX Capital Partners
LLC(6) |
| | | | 2,512,807 | | | | | | 14.9 | | | | | | 676,707 | | | | | | 4.2 | | | | | | 2,512,807 | | | | | | 676,707 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Wolney E. G. Bertiol(7)
|
| | | | 20,000 | | | | | | * | | | | | | — | | | | | | — | | | | | | 20,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Marcos V. B. Peigo(8)
|
| | | | 20,000 | | | | | | * | | | | | | — | | | | | | — | | | | | | 20,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Maria Salete G. Pinheiro(9)
|
| | | | 20,000 | | | | | | * | | | | | | — | | | | | | — | | | | | | 20,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Opportunity Agro Fundo de
Investimento em Participações Multiestratégia Investimento no Exterior(10) |
| | | | 14,090,000 | | | | | | 76.3 | | | | | | 2,280,000 | | | | | | 14.1 | | | | | | 14,090,000 | | | | | | 2,280,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Constellation Funds(11)
|
| | | | 711,700 | | | | | | 4.4 | | | | | | 137,500 | | | | | | * | | | | | | 711,700 | | | | | | 137,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Brazil International Fund SPC — XP Long Biased International Fund Class(12)
|
| | | | 647,000 | | | | | | 4.0 | | | | | | 125,000 | | | | | | * | | | | | | 647,000 | | | | | | 125,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Cygnus Fund Icon(13)
|
| | | | 463,200 | | | | | | 2.8 | | | | | | 150,000 | | | | | | * | | | | | | 388,200 | | | | | | 75,000 | | | | | | 75,000 | | | | | | * | | | | | | 75,000 | | | | | | * | | |
Tuchola Investments
Inc.(14) |
| | | | 129,400 | | | | | | * | | | | | | 25,000 | | | | | | * | | | | | | 129,400 | | | | | | 25,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
XP Trend SPAC FIA
IE(15) |
| | | | 702,866 | | | | | | 4.3 | | | | | | 135,793 | | | | | | * | | | | | | 159,693 | | | | | | 135,793 | | | | | | 543,173 | | | | | | 3.4 | | | | | | — | | | | | | — | | |
Genome Fund Inc.(16)
|
| | | | 438,226 | | | | | | 2.7 | | | | | | 300,000 | | | | | | 1.9 | | | | | | 58,800 | | | | | | 50,000 | | | | | | 379,426 | | | | | | 2.3 | | | | | | 250,000 | | | | | | 1.5 | | |
Gannett Peek Limited(17)
|
| | | | 100,734 | | | | | | * | | | | | | 25,000 | | | | | | * | | | | | | 29,400 | | | | | | 25,000 | | | | | | 71,334 | | | | | | * | | | | | | — | | | | | | — | | |
Rafael Salvador
Grisolia(18) |
| | | | 20,000 | | | | | | * | | | | | | — | | | | | | — | | | | | | 20,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Redemption Date
|
| |
Fair Market Value of Class A Ordinary Shares
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
(period to expiration of Warrants)
|
| | | | ≤10.00 | | | | | | 11.00 | | | | | | 12.00 | | | | | | 13.00 | | | | | | 14.00 | | | | | | 15.00 | | | | | | 16.00 | | | | | | 17.00 | | | | | | ≥18.00 | | |
60 months
|
| | | | 0.261 | | | | | | 0.281 | | | | | | 0.297 | | | | | | 0.311 | | | | | | 0.324 | | | | | | 0.337 | | | | | | 0.348 | | | | | | 0.358 | | | | | | 0.361 | | |
57 months
|
| | | | 0.257 | | | | | | 0.277 | | | | | | 0.294 | | | | | | 0.310 | | | | | | 0.324 | | | | | | 0.337 | | | | | | 0.348 | | | | | | 0.358 | | | | | | 0.361 | | |
54 months
|
| | | | 0.252 | | | | | | 0.272 | | | | | | 0.291 | | | | | | 0.307 | | | | | | 0.322 | | | | | | 0.335 | | | | | | 0.347 | | | | | | 0.357 | | | | | | 0.361 | | |
51 months
|
| | | | 0.246 | | | | | | 0.268 | | | | | | 0.287 | | | | | | 0.304 | | | | | | 0.320 | | | | | | 0.333 | | | | | | 0.346 | | | | | | 0.357 | | | | | | 0.361 | | |
48 months
|
| | | | 0.241 | | | | | | 0.263 | | | | | | 0.283 | | | | | | 0.301 | | | | | | 0.317 | | | | | | 0.332 | | | | | | 0.344 | | | | | | 0.356 | | | | | | 0.361 | | |
45 months
|
| | | | 0.235 | | | | | | 0.258 | | | | | | 0.279 | | | | | | 0.298 | | | | | | 0.315 | | | | | | 0.330 | | | | | | 0.343 | | | | | | 0.356 | | | | | | 0.361 | | |
42 months
|
| | | | 0.228 | | | | | | 0.252 | | | | | | 0.274 | | | | | | 0.294 | | | | | | 0.312 | | | | | | 0.328 | | | | | | 0.342 | | | | | | 0.355 | | | | | | 0.361 | | |
39 months
|
| | | | 0.221 | | | | | | 0.246 | | | | | | 0.269 | | | | | | 0.290 | | | | | | 0.309 | | | | | | 0.325 | | | | | | 0.340 | | | | | | 0.354 | | | | | | 0.361 | | |
36 months
|
| | | | 0.213 | | | | | | 0.239 | | | | | | 0.263 | | | | | | 0.285 | | | | | | 0.305 | | | | | | 0.323 | | | | | | 0.339 | | | | | | 0.353 | | | | | | 0.361 | | |
Redemption Date
|
| |
Fair Market Value of Class A Ordinary Shares
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
33 months
|
| | | | 0.205 | | | | | | 0.232 | | | | | | 0.257 | | | | | | 0.280 | | | | | | 0.301 | | | | | | 0.320 | | | | | | 0.337 | | | | | | 0.352 | | | | | | 0.361 | | |
30 months
|
| | | | 0.196 | | | | | | 0.224 | | | | | | 0.250 | | | | | | 0.274 | | | | | | 0.297 | | | | | | 0.316 | | | | | | 0.335 | | | | | | 0.351 | | | | | | 0.361 | | |
27 months
|
| | | | 0.185 | | | | | | 0.214 | | | | | | 0.242 | | | | | | 0.268 | | | | | | 0.291 | | | | | | 0.313 | | | | | | 0.332 | | | | | | 0.350 | | | | | | 0.361 | | |
24 months
|
| | | | 0.173 | | | | | | 0.204 | | | | | | 0.233 | | | | | | 0.260 | | | | | | 0.285 | | | | | | 0.308 | | | | | | 0.329 | | | | | | 0.348 | | | | | | 0.361 | | |
21 months
|
| | | | 0.161 | | | | | | 0.193 | | | | | | 0.223 | | | | | | 0.252 | | | | | | 0.279 | | | | | | 0.304 | | | | | | 0.326 | | | | | | 0.347 | | | | | | 0.361 | | |
18 months
|
| | | | 0.146 | | | | | | 0.179 | | | | | | 0.211 | | | | | | 0.242 | | | | | | 0.271 | | | | | | 0.298 | | | | | | 0.322 | | | | | | 0.345 | | | | | | 0.361 | | |
15 months
|
| | | | 0.130 | | | | | | 0.164 | | | | | | 0.197 | | | | | | 0.230 | | | | | | 0.262 | | | | | | 0.291 | | | | | | 0.317 | | | | | | 0.342 | | | | | | 0.361 | | |
12 months
|
| | | | 0.111 | | | | | | 0.146 | | | | | | 0.181 | | | | | | 0.216 | | | | | | 0.250 | | | | | | 0.282 | | | | | | 0.312 | | | | | | 0.339 | | | | | | 0.361 | | |
9 months
|
| | | | 0.090 | | | | | | 0.125 | | | | | | 0.162 | | | | | | 0.199 | | | | | | 0.237 | | | | | | 0.272 | | | | | | 0.305 | | | | | | 0.336 | | | | | | 0.361 | | |
6 months
|
| | | | 0.065 | | | | | | 0.099 | | | | | | 0.137 | | | | | | 0.178 | | | | | | 0.219 | | | | | | 0.259 | | | | | | 0.296 | | | | | | 0.331 | | | | | | 0.361 | | |
3 months
|
| | | | 0.034 | | | | | | 0.065 | | | | | | 0.104 | | | | | | 0.150 | | | | | | 0.197 | | | | | | 0.243 | | | | | | 0.286 | | | | | | 0.326 | | | | | | 0.361 | | |
0 months
|
| | | | — | | | | | | — | | | | | | 0.042 | | | | | | 0.115 | | | | | | 0.179 | | | | | | 0.233 | | | | | | 0.281 | | | | | | 0.323 | | | | | | 0.361 | | |
| | |
Amount (US$)
|
| |||
Expenses:
|
| |
|
| |||
SEC registration fee
|
| |
45,350.71
|
| |||
FINRA filing fees
|
| | | | * | | |
Legal fees and expenses
|
| | | | * | | |
Accounting fees and expenses
|
| | | | * | | |
Printing expenses
|
| | | | * | | |
Miscellaneous costs
|
| | | | * | | |
Total
|
| | | | * | | |
| | | | ||
| Financial Statements: | | | | |
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | |
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | |
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | |
| | | | ||
| Combined Financial Statements: | | | | |
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | |
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | |
| | | | ||
| Consolidated Financial Statements: | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | |
| | | | ||
| | | | ||
| | | | ||
| | | | ||
| | | |
| | |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash
|
| | | $ | 549,792 | | | | | $ | 1,132,050 | | |
Prepaid expenses
|
| | | | 99,402 | | | | | | 259,147 | | |
Total Current Assets
|
| | | | 649,194 | | | | | | 1,391,197 | | |
Marketable securities held in Trust Account
|
| | | | 253,037,516 | | | | | | 253,012,211 | | |
TOTAL ASSETS
|
| | | $ | 253,686,710 | | | | | $ | 254,403,408 | | |
LIABILITIES AND SHAREHOLDERS’ DEFICIT | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accounts payable and accrued expenses
|
| | | $ | 555,895 | | | | | $ | 134,297 | | |
Accrued offering costs
|
| | | | 159,880 | | | | | | 159,880 | | |
Total Current Liabilities
|
| | | | 715,775 | | | | | | 294,177 | | |
Warrant liabilities
|
| | | | 10,556,676 | | | | | | 21,089,700 | | |
Deferred underwriting fee payable
|
| | | | 8,855,000 | | | | | | 8,855,000 | | |
Total Liabilities
|
| | | | 20,127,451 | | | | | | 30,238,877 | | |
Commitments and Contingencies | | | | | | | | | | | | | |
Class A ordinary shares subject to possible redemption; 25,300,000 shares at redemption value
|
| | | | 253,037,516 | | | | | | 253,012,211 | | |
Shareholders’ Deficit | | | | | | | | | | | | | |
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding
|
| | | | — | | | | | | — | | |
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized;
none issued and outstanding (excluding 25,300,000 shares subject to possible redemption) |
| | | | — | | | | | | — | | |
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 6,305,000 and 6,325,000 shares issued and outstanding at December 31, 2021 and 2020, respectively
|
| | | | 631 | | | | | | 633 | | |
Accumulated deficit
|
| | | | (19,478,888) | | | | | | (28,848,313) | | |
Total Shareholders’ Deficit
|
| | | | (19,478,257) | | | | | | (28,847,680) | | |
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT
|
| | | $ | 253,686,710 | | | | | $ | 254,403,408 | | |
| | |
Year Ended
December 31, 2021 |
| |
For the
Period from March 20, 2020 (Inception) through December 31, 2020 |
| ||||||
Operating and formation costs
|
| | | $ | 1,163,690 | | | | | $ | 314,723 | | |
Loss from operations
|
| | | | (1,163,690) | | | | | | (314,723) | | |
Other income (expense): | | | | | | | | | | | | | |
Change in fair value of warrant liabilities
|
| | | | 10,533,024 | | | | | | (7,884,000) | | |
Transaction costs allocable to warrants
|
| | | | — | | | | | | (497,297) | | |
Interest income from operating bank account
|
| | | | 89 | | | | | | 71 | | |
Interest earned on marketable securities held in Trust Account
|
| | | | 25,305 | | | | | | 12,211 | | |
Total other income (expense), net
|
| | | | 10,558,418 | | | | | | (8,369,015) | | |
Net income (loss)
|
| | | $ | 9,394,728 | | | | | $ | (8,683,738) | | |
Basic and diluted weighted average shares outstanding,
Class A ordinary shares |
| | | | 25,300,000 | | | | | | 14,507,692 | | |
Basic and diluted net income (loss) per ordinary share,
Class A ordinary shares |
| | | $ | 0.30 | | | | | $ | (0.43) | | |
Basic and diluted weighted average shares outstanding,
Class B ordinary shares |
| | | | 6,305,055 | | | | | | 5,634,703 | | |
Basic and diluted net income (loss) per ordinary share,
Class B ordinary shares |
| | | $ | 0.30 | | | | | $ | (0.43) | | |
| | |
Class A Ordinary
Shares |
| |
Class B Ordinary
Shares |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Deficit |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance – March 20, 2020 (inception)
|
| | | | — | | | | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Issuance of Class B ordinary shares to Sponsor
|
| | | | — | | | | | | — | | | | | | 6,325,001 | | | | | | 633 | | | | | | 24,367 | | | | | | — | | | | | | 25,000 | | |
Cancellation of Class B ordinary share
|
| | | | — | | | | | | — | | | | | | (1) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Remeasurement of Class A
ordinary shares to redemption amount |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,354,167) | | | | | | (20,164,575) | | | | | | (22,518,742) | | |
Proceeds received in excess
of fair value of Private Placement Warrants |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,329,800 | | | | | | — | | | | | | 2,329,800 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (8,683,738) | | | | | | (8,683,738) | | |
Balance – December 31, 2020
|
| | | | — | | | | | $ | — | | | | | | 6,325,000 | | | | | $ | 633 | | | | | $ | — | | | | | $ | (28,848,313) | | | | | $ | (28,847,680) | | |
Remeasurement of Class A
ordinary shares to redemption amount |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (25,305) | | | | | | (25,305) | | |
Cancellation of Class B
ordinary shares |
| | | | | | | | | | (20,000) | | | | | | (2) | | | | | | — | | | | | | 2 | | | | | | — | | | | | | | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,394,728 | | | | | | 9,394,728 | | |
Balance – December 31, 2021
|
| | | | — | | | | | $ | — | | | | | | 6,305,000 | | | | | $ | 631 | | | | | $ | — | | | | | $ | (19,478,888) | | | | | $ | (19,478,257) | | |
| | |
Year Ended
December 31, 2021 |
| |
For the Period from
March 20, 2020 (Inception) Through December 31, 2020 |
| ||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | |
Net income (loss)
|
| | | $ | 9,394,728 | | | | | $ | (8,683,738) | | |
Adjustments to reconcile net income (loss) to net cash
used in operating activities: |
| | | | | | | | | | | | |
Interest earned on marketable securities held in Trust Account
|
| | | | (25,305) | | | | | | (12,211) | | |
Change in fair value of warrant liabilities
|
| | | | (10,533,024) | | | | | | 7,884,000 | | |
Transaction costs allocable to warrants
|
| | | | — | | | | | | 497,297 | | |
Changes in operating assets and liabilities: | | | | | | | | | | | | | |
Prepaid expenses
|
| | | | 159,745 | | | | | | (259,147) | | |
Accounts payable and accrued expenses
|
| | | | 421,598 | | | | | | 134,297 | | |
Net cash used in operating activities
|
| | | | (582,258) | | | | | | (439,502) | | |
Cash Flows from Investing Activities | | | | | | | | | | | | | |
Investment of cash into Trust Account
|
| | | | — | | | | | | (253,000,000) | | |
Net cash used in investing activities
|
| | | | — | | | | | | (253,000,000) | | |
Cash Flows from Financing Activities: | | | | | | | | | | | | | |
Proceeds from issuance of Class B ordinary shares to Sponsor
|
| | | | — | | | | | | 25,000 | | |
Proceeds from sale of Units, net of underwriting discounts paid
|
| | | | — | | | | | | 247,940,000 | | |
Proceeds from sale of Private Placement Warrants
|
| | | | — | | | | | | 7,060,000 | | |
Advances from related party
|
| | | | — | | | | | | 10,000 | | |
Repayment of advances from related party
|
| | | | — | | | | | | (10,000) | | |
Proceeds from promissory note – related party
|
| | | | — | | | | | | 300,000 | | |
Repayment of promissory note – related party
|
| | | | — | | | | | | (300,000) | | |
Payment of offering costs
|
| | | | — | | | | | | (453,448) | | |
Net cash provided by financing activities
|
| | | | — | | | | | | 254,571,552 | | |
Net Change in Cash
|
| | | | (582,258) | | | | | | 1,132,050 | | |
Cash – Beginning
|
| | | | 1,132,050 | | | | | | — | | |
Cash – Ending | | | | $ | 549,792 | | | | | $ | 1,132,050 | | |
Non-Cash Investing and Financing Activities: | | | | | | | | | | | | | |
Offering costs included in accrued offering costs
|
| | | $ | — | | | | | $ | 159,880 | | |
Remeasurement of Class A ordinary shares to redemption amount
|
| | | $ | 25,305 | | | | | $ | 22,518,742 | | |
Deferred underwriting fee payable
|
| | | $ | — | | | | | $ | 8,855,000 | | |
Cancellation of Founder Shares
|
| | | $ | (2) | | | | | | — | | |
|
Gross proceeds from Initial Public Offering
|
| | | $ | 253,000,000 | | |
| Less: | | | | | | | |
|
Proceeds allocated to Public Warrants
|
| | | | (8,475,500) | | |
|
Class A ordinary shares issuance costs
|
| | | | (14,031,031) | | |
| Plus: | | | | | | | |
|
Initial remeasurement of carrying value to redemption value
|
| | | | 22,506,531 | | |
|
Subsequent remeasurement of carrying value to redemption value
|
| | | | 12,211 | | |
|
Total remeasurement of carrying value to redemption value
|
| | | | 22,518,742 | | |
|
Class A ordinary shares subject to possible redemption, December 31, 2020
|
| | | | 253,012,211 | | |
|
Remeasurement of carrying value to redemption value
|
| | | | 25,305 | | |
|
Class A ordinary shares subject to possible redemption, December 31, 2021
|
| | | $ | 253,037,516 | | |
| | |
Year Ended December 31, 2021
|
| |
For the Period from March 20,
2020 (Inception) through December 31, 2020 |
| ||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| ||||||||||||
Basic and diluted net income (loss) per ordinary share
|
| | | | | | | | | | | | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Allocation of net income (loss)
|
| | | $ | 7,520,525 | | | | | $ | 1,874,203 | | | | | $ | (6,254,519) | | | | | $ | (2,429,219) | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average shares
outstanding |
| | | | 25,300,000 | | | | | | 6,305,055 | | | | | | 14,507,692 | | | | | | 5,634,703 | | |
Basic and diluted net income (loss) per ordinary share
|
| | | $ | 0.30 | | | | | $ | 0.30 | | | | | $ | (0.43) | | | | | $ | (0.43) | | |
Description
|
| |
Level
|
| |
December 31,
2021 |
| |
December 31,
2020 |
| |||||||||
Assets: | | | | | | | | | | | | | | | | | | | |
Marketable securities held in Trust Account
|
| | | | 1 | | | | | $ | 253,037,516 | | | | | $ | 253,012,211 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | |
Warrant Liability – Public Warrants
|
| | | | 1 | | | | | $ | 6,775,340 | | | | | $ | 13,535,500 | | |
Warrant Liability – Private Placement Warrants
|
| | | | 3 | | | | | $ | 3,781,336 | | | | | $ | 7,554,200 | | |
| | |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
Exercise price
|
| | | $ | 11.50 | | | | | $ | 11.50 | | |
Share price
|
| | | $ | 9.87 | | | | | $ | 10.02 | | |
Volatility
|
| | | | 12.3 | | | | | | 17.5% | | |
Term
|
| | | | 5.00 | | | | | | 5.00 | | |
Risk-free rate
|
| | | | 1.10 | | | | | | 0.35% | | |
Dividend yield
|
| | | | 0.00 | | | | | | 0.00% | | |
| | |
Private
Placement |
| |
Public
|
| |
Warrant
Liabilities |
| |||||||||
Fair value as of March 20, 2020 (inception)
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
Initial measurement on July 20, 2020 (Initial Public Offering)
|
| | | | 4,730,200 | | | | | | 8,475,500 | | | | | | 13,205,700 | | |
Change in fair value
|
| | | | 2,824,000 | | | | | | 2,909,500 | | | | | | 5,733,500 | | |
Transfers out of Level 3
|
| | | | — | | | | | | (11,385,000) | | | | | | (11,385,000) | | |
Fair value as of December 31, 2020
|
| | | $ | 7,554,200 | | | | | $ | — | | | | | $ | 7,554,200 | | |
| | |
Private
Placement |
| |||
Fair value as of December 31, 2020
|
| | | $ | 7,554,200 | | |
Change in fair value
|
| | | | (3,772,864) | | |
Fair value as of December 31, 2021
|
| | | $ | 3,781,336 | | |
| | |
June 30,
2022 |
| |
December 31,
2021 |
| ||||||
| | |
(Unaudited)
|
| | | | | | | |||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash
|
| | | $ | 778,575 | | | | | $ | 549,792 | | |
Prepaid expenses
|
| | | | 57,576 | | | | | | 99,402 | | |
Total Current Assets
|
| | | | 836,151 | | | | | | 649,194 | | |
Marketable securities held in Trust Account
|
| | | | 253,381,468 | | | | | | 253,037,516 | | |
TOTAL ASSETS
|
| | | $ | 254,217,619 | | | | | $ | 253,686,710 | | |
LIABILITIES AND SHAREHOLDERS’ DEFICIT | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accounts payable and accrued expenses
|
| | | $ | 682,464 | | | | | $ | 555,895 | | |
Accrued offering costs
|
| | | | 159,880 | | | | | | 159,880 | | |
Promissory note – related party
|
| | | | 700,000 | | | | | | — | | |
Total Current Liabilities
|
| | | | 1,542,344 | | | | | | 715,775 | | |
Deferred legal fees
|
| | | | 3,092,479 | | | | | | — | | |
Warrant liabilities
|
| | | | 1,574,829 | | | | | | 10,556,676 | | |
Deferred underwriting fee payable
|
| | | | 8,855,000 | | | | | | 8,855,000 | | |
Total Liabilities
|
| | | | 15,064,652 | | | | | | 20,127,451 | | |
Commitments and Contingencies (Note 6) | | | | | | | | | | | | | |
Class A ordinary shares subject to possible redemption; 25,300,000 shares at redemption value as of June 30, 2022 and December 31, 2021
|
| | | | 253,381,468 | | | | | | 253,037,516 | | |
Shareholders’ Deficit | | | | | | | | | | | | | |
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding
|
| | | | — | | | | | | — | | |
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized;
none issued and outstanding (excluding 25,300,000 shares subject to possible redemption) as of June 30, 2022 and December 31, 2021 |
| | | | — | | | | | | — | | |
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 6,305,000 shares issued and outstanding as of June 30, 2022 and December 31, 2021
|
| | | | 631 | | | | | | 631 | | |
Accumulated deficit
|
| | | | (14,229,132) | | | | | | (19,478,888) | | |
Total Shareholders’ Deficit
|
| | | | (14,228,501) | | | | | | (19,478,257) | | |
TOTAL LIABILITIES AND SHAREHOLDERS’ DEFICIT
|
| | | $ | 254,217,619 | | | | | $ | 253,686,710 | | |
| | |
For the Three Months Ended
June 30, |
| |
For the Six Months Ended
June 30, |
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
Operating and formation costs
|
| | | $ | 2,440,653 | | | | | $ | 385,917 | | | | | $ | 3,732,091 | | | | | $ | 565,570 | | |
Loss from operations
|
| | | | (2,440,653) | | | | | | (385,917) | | | | | | (3,732,091) | | | | | | (565,570) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | |
Change in fair value of warrant liabilities
|
| | | | 2,006,478 | | | | | | (1,450,300) | | | | | | 8,981,847 | | | | | | 3,674,300 | | |
Interest income from operating bank
account |
| | | | — | | | | | | 24 | | | | | | — | | | | | | 51 | | |
Earnings on marketable securities held in Trust Account
|
| | | | 321,395 | | | | | | 6,309 | | | | | | 343,952 | | | | | | 12,548 | | |
Total other income (expense), net
|
| | | | 2,327,873 | | | | | | (1,443,967) | | | | | | 9,325,799 | | | | | | 3,686,899 | | |
Net (loss) income
|
| | | $ | (112,780) | | | | | $ | (1,829,884) | | | | | $ | 5,593,708 | | | | | $ | 3,121,329 | | |
Weighted average shares outstanding, Class A ordinary shares
|
| | | | 25,300,000 | | | | | | 25,300,000 | | | | | | 25,300,000 | | | | | | 25,300,000 | | |
Basic and diluted net (loss) income per share, Class A ordinary shares
|
| | | $ | (0.00) | | | | | $ | (0.06) | | | | | $ | 0.18 | | | | | $ | 0.10 | | |
Weighted average shares outstanding, Class B ordinary shares
|
| | | | 6,305,000 | | | | | | 6,325,000 | | | | | | 6,305,000 | | | | | | 6,325,000 | | |
Basic and diluted net (loss) income per share, Class B ordinary shares
|
| | | $ | (0.00) | | | | | $ | (0.06) | | | | | $ | 0.18 | | | | | $ | 0.10 | | |
| | |
Class A
Ordinary Shares |
| |
Class B
Ordinary Shares |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Deficit |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance – January 1, 2022
|
| | | | — | | | | | $ | — | | | | |
|
6,305,000
|
| | | |
$
|
631
|
| | | | $ | — | | | | |
$
|
(19,478,888)
|
| | | |
$
|
(19,478,257)
|
| |
Remeasurement of Class A
ordinary shares to redemption amount |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 37,516 | | | | | | 37,516 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,706,488 | | | | | | 5,706,488 | | |
Balance – March 31, 2022
|
| | | | — | | | | | | — | | | | |
|
6,305,000
|
| | | |
|
631
|
| | | | | — | | | | |
|
(13,734,884)
|
| | | |
|
(13,734,253)
|
| |
Remeasurement of Class A
ordinary shares to redemption amount |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (381,468) | | | | | | (381,468) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (112,780) | | | | | | (112,780) | | |
Balance – June 30, 2022
|
| | | | — | | | | | $ | — | | | | | | 6,305,000 | | | | | $ | 631 | | | | | $ | — | | | | | $ | (14,229,132) | | | | | $ | (14,228,501) | | |
| | |
Class A
Ordinary Shares |
| |
Class B
Ordinary Shares |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Equity (Deficit) |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance – January 1, 2021
|
| | | | — | | | | | $ | — | | | | | | 6,325,000 | | | | | $ | 633 | | | | | $ | — | | | | | $ | (28,848,313) | | | | | $ | (28,847,680) | | |
Remeasurement of Class A
ordinary shares to redemption amount |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,239) | | | | | | (6,239) | | |
Cancellation of Class B ordinary
shares |
| | | | | | | | | | | | | | | | (20,000) | | | | | | (2) | | | | | | — | | | | | | 2 | | | | | | — | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,951,213 | | | | | | 4,951,213 | | |
Balance – March 31, 2021
|
| | | | — | | | | | | — | | | | |
|
6,305,000
|
| | | |
|
631
|
| | | | | — | | | | |
|
(23,903,337)
|
| | | |
|
(23,902,706)
|
| |
Remeasurement of Class A
ordinary shares to redemption amount |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,309) | | | | | | (6,309) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,829,884) | | | | | | (1,829,884) | | |
Balance – June 30, 2021
|
| | | | — | | | | | $ | — | | | | | | 6,305,000 | | | | | $ | 631 | | | | | $ | — | | | | | $ | (25,739,530) | | | | | $ | (25,738,899) | | |
| | |
For the Six Months Ended June 30,
|
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | |
Net income
|
| | | $ | 5,593,708 | | | | | $ | 3,121,329 | | |
Adjustments to reconcile net income to net cash used in operating activities:
|
| | | | | | | | | | | | |
Change in fair value of warrant liabilities
|
| | | | (8,981,847) | | | | | | (3,674,300) | | |
Earnings on marketable securities held in Trust Account
|
| | | | (343,952) | | | | | | (12,548) | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Prepaid expenses
|
| | | | 41,826 | | | | | | 50,606 | | |
Accounts payable and accrued expenses
|
| | | | 126,569 | | | | | | 302,237 | | |
Deferred legal fees
|
| | | | 3,092,479 | | | | | | — | | |
Net cash used in operating activities
|
| | | | (471,217) | | | | | | (212,676) | | |
Cash Flows from Financing Activities: | | | | | | | | | | | | | |
Proceeds from promissory note – related party
|
| | | | 700,000 | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 700,000 | | | | | | — | | |
Net Change in Cash
|
| | | | 228,783 | | | | | | (212,676) | | |
Cash – Beginning of period
|
| | | | 549,792 | | | | | | 1,132,050 | | |
Cash – End of period
|
| | | $ | 778,575 | | | | | $ | 919,374 | | |
Non-Cash investing and financing activities: | | | | | | | | | | | | | |
Remeasurement of Class A ordinary shares to redemption amount
|
| | | $ | 343,952 | | | | | $ | 6,309 | | |
|
Gross proceeds from Initial Public Offering
|
| | | $ | 253,000,000 | | |
| Less: | | | | | | | |
|
Proceeds allocated to Public Warrants
|
| | | | (8,475,500) | | |
|
Class A ordinary shares issuance costs
|
| | | | (14,031,031) | | |
| Plus: | | | | | | | |
|
Initial remeasurement of carrying value to redemption value
|
| | | | 22,506,531 | | |
|
Subsequent remeasurement of carrying value to redemption value
|
| | | | 12,211 | | |
|
Total remeasurement of carrying value to redemption value
|
| | | | 22,518,742 | | |
|
Class A ordinary shares subject to possible redemption, December 31, 2021
|
| | | | 253,037,516 | | |
|
Remeasurement of carrying value to redemption value
|
| | | | (343,952) | | |
|
Class A ordinary shares subject to possible redemption, June 30, 2022
|
| | | $ | 253,381,468 | | |
| | |
Three Months Ended
June 30, 2022 |
| |
Three Months Ended
June 30, 2021 |
| |
Six Months Ended
June 30, 2022 |
| |
Six Months Ended
June 30, 2021 |
| ||||||||||||||||||||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| ||||||||||||||||||||||||
Basic and diluted net (loss) income per ordinary share
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allocation of net (loss)
income |
| | | $ | (90,281) | | | | | $ | (22,499) | | | | | $ | (1,463,907) | | | | | $ | (365,977) | | | | | $ | 4,474,966 | | | | | $ | 1,118,742 | | | | | $ | 2,497,063 | | | | | $ | 624,266 | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average shares outstanding
|
| | | | 25,300,000 | | | | | | 6,305,000 | | | | | | 25,300,000 | | | | | | 6,325,000 | | | | | | 25,300,000 | | | | | | 6,305,000 | | | | | | 25,300,000 | | | | | | 6,325,000 | | |
Basic and diluted net (loss) income per ordinary share
|
| | | $ | (0.00) | | | | | $ | (0.00) | | | | | $ | (0.06) | | | | | $ | (0.06) | | | | | $ | 0.18 | | | | | $ | 0.18 | | | | | $ | 0.10 | | | | | $ | 0.10 | | |
Description
|
| |
Level
|
| |
December 31,
2021 |
| |
Level
|
| |
June 30,
2022 |
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Marketable securities held in Trust Account
|
| | | | 1 | | | | | $ | 253,037,516 | | | | | | 1 | | | | | $ | 253,381,468 | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Warrant Liability – Public Warrants
|
| | | | 1 | | | | | $ | 6,775,340 | | | | | | 1 | | | | | $ | 1,010,735 | | |
Warrant Liability – Private Placement Warrants
|
| | | | 3 | | | | | $ | 3,781,336 | | | | | | 2 | | | | | $ | 564,094 | | |
| | |
December 31,
2021 |
| |||
Exercise price
|
| | | $ | 11.50 | | |
Share price
|
| | | $ | 9.87 | | |
Volatility
|
| | | | 12.3% | | |
Term
|
| | | | 5.00 | | |
Risk-free rate
|
| | | | 1.10% | | |
Dividend yield
|
| | | | 0.00 | | |
| | |
Private
Placement |
| |||
Fair value as of December 31, 2021
|
| | | $ | 3,781,336 | | |
Change in fair value
|
| | | | (2,498,534) | | |
Transfer to Level 2
|
| | | | (1,282,802) | | |
Fair value as of June 30, 2022
|
| | | $ | — | | |
| | |
September 30,
2022 |
| |
December 31,
2021 |
| ||||||
| | |
(Unaudited)
|
| | | | | | | |||
ASSETS | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | |
Cash
|
| | | $ | 218,475 | | | | | $ | 549,792 | | |
Prepaid expenses
|
| | | | 140,767 | | | | | | 99,402 | | |
Total Current Assets
|
| | | | 359,242 | | | | | | 649,194 | | |
Cash held in Trust Account
|
| | | | 58,650,422 | | | | | | — | | |
Marketable securities held in Trust Account
|
| | | | — | | | | | | 253,037,516 | | |
TOTAL ASSETS
|
| | | $ | 59,009,664 | | | | | $ | 253,686,710 | | |
LIABILITIES, SHARES SUBJECT TO POSSIBLE REDEMPTION, AND SHAREHOLDERS’ DEFICIT
|
| | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | |
Accounts payable and accrued expenses
|
| | | $ | 588,986 | | | | | $ | 555,895 | | |
Accrued offering costs
|
| | | | 159,880 | | | | | | 159,880 | | |
Promissory note – related party
|
| | | | 700,000 | | | | | | — | | |
Total Current Liabilities
|
| | | | 1,448,866 | | | | | | 715,775 | | |
Deferred legal fees
|
| | | | 4,304,833 | | | | | | — | | |
Warrant liabilities
|
| | | | 4,730,400 | | | | | | 10,556,676 | | |
PIPE derivative liability
|
| | | | 3,109,245 | | | | | | — | | |
Deferred underwriting fee payable
|
| | | | — | | | | | | 8,855,000 | | |
Total Liabilities
|
| | | | 13,593,344 | | | | | | 20,127,451 | | |
Commitments and Contingencies (Note 6) | | | | | | | | | | | | | |
Shares Subject to Possible Redemption | | | | | | | | | | | | | |
Class A ordinary shares subject to possible redemption; 5,827,517 and 25,300,000 shares at redemption value as of September 30, 2022 and December 31, 2021, respectively
|
| | | | 58,650,422 | | | | | | 253,037,516 | | |
Shareholders’ Deficit | | | | | | | | | | | | | |
Preference shares, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding
|
| | | | — | | | | | | — | | |
Class A ordinary shares, $0.0001 par value; 500,000,000 shares authorized; none issued and outstanding (excluding 5,827,517 and 25,300,000 shares subject to possible redemption as of September 30, 2022 and December 31, 2021, respectively)
|
| | | | — | | | | | | — | | |
Class B ordinary shares, $0.0001 par value; 50,000,000 shares authorized; 6,305,000 shares issued and outstanding as of September 30, 2022 and December 31, 2021
|
| | | | 631 | | | | | | 631 | | |
Additional paid-in capital
|
| | | | 5,009,691 | | | | | | — | | |
Accumulated deficit
|
| | | | (18,244,424) | | | | | | (19,478,888) | | |
Total Shareholders’ Deficit
|
| | | | (13,234,102) | | | | | | (19,478,257) | | |
TOTAL LIABILITIES, SHARES SUBJECT TO POSSIBLE REDEMPTION, AND SHAREHOLDERS’ DEFICIT
|
| | | $ | 59,009,664 | | | | | $ | 253,686,710 | | |
| | |
For the Three Months Ended
September 30, |
| |
For the Nine Months Ended
September 30, |
| ||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2022
|
| |
2021
|
| ||||||||||||
Operating and formation costs
|
| | | $ | 1,595,785 | | | | | $ | 154,559 | | | | | $ | 5,327,876 | | | | | $ | 720,129 | | |
Loss from operations
|
| | | | (1,595,785) | | | | | | (154,559) | | | | | | (5,327,876) | | | | | | (720,129) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | |
Change in fair value of warrant liabilities
|
| | | | (3,155,571) | | | | | | 4,603,900 | | | | | | 5,826,276 | | | | | | 8,278,200 | | |
Change in fair value of PIPE derivative liability
|
| | | | 89,022 | | | | | | — | | | | | | 89,022 | | | | | | — | | |
Interest income from operating bank account
|
| | | | — | | | | | | 21 | | | | | | — | | | | | | 72 | | |
Interest income on cash and marketable securities
held in Trust Account |
| | | | 350,399 | | | | | | 6,379 | | | | | | 694,351 | | | | | | 18,927 | | |
Other income
|
| | | | 296,643 | | | | | | — | | | | | | 296,643 | | | | | | — | | |
Total other (expense) income, net
|
| | | | (2,419,507) | | | | | | 4,610,300 | | | | | | 6,906,292 | | | | | | 8,297,199 | | |
Net (loss) income
|
| | | $ | (4,015,292) | | | | | $ | 4,455,741 | | | | | $ | 1,578,416 | | | | | $ | 7,577,070 | | |
Weighted average shares outstanding, Class A ordinary shares
|
| | | | 8,790,721 | | | | | | 25,300,000 | | | | | | 19,736,433 | | | | | | 25,300,000 | | |
Basic and diluted net (loss) income per share, Class A
ordinary shares |
| | | $ | (0.27) | | | | | $ | 0.14 | | | | | $ | 0.06 | | | | | $ | 0.24 | | |
Weighted average shares outstanding, Class B ordinary shares
|
| | | | 6,305,000 | | | | | | 6,325,000 | | | | | | 6,305,000 | | | | | | 6,305,055 | | |
Basic and diluted net (loss) income per share, Class B
ordinary shares |
| | | $ | (0.27) | | | | | $ | 0.14 | | | | | $ | 0.06 | | | | | $ | 0.24 | | |
| | |
Class A
Ordinary Shares |
| |
Class B
Ordinary Shares |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Deficit |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance – January 1, 2022
|
| | | | — | | | | | $ | — | | | | | | 6,305,000 | | | | | $ | 631 | | | | | $ | — | | | | | $ | (19,478,888) | | | | | $ | (19,478,257) | | |
Remeasurement of Class A
ordinary shares to redemption amount |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 37,516 | | | | | | 37,516 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,706,488 | | | | | | 5,706,488 | | |
Balance – March 31, 2022
|
| | | | — | | | | | | — | | | | | | 6,305,000 | | | | | | 631 | | | | | | — | | | | | | (13,734,884) | | | | | | (13,734,253) | | |
Remeasurement of Class A
ordinary shares to redemption amount |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (381,468) | | | | | | (381,468) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (112,780) | | | | | | (112,780) | | |
Balance – June 30, 2022
|
| | | | — | | | | | | — | | | | | | 6,305,000 | | | | | | 631 | | | | | | — | | | | | | (14,229,132) | | | | | | (14,228,501) | | |
Remeasurement of Class A
ordinary shares to redemption amount |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (350,399) | | | | | | — | | | | | | (350,399) | | |
Waived deferred underwriting fee payable
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,558,357 | | | | | | — | | | | | | 8,558,357 | | |
Initial measurement of PIPE derivative liability
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,198,267) | | | | | | — | | | | | | (3,198,267) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,015,292) | | | | | | (4,015,292) | | |
Balance – September 30, 2022
|
| | | | — | | | | | $ | — | | | | | | 6,305,000 | | | | | $ | 631 | | | | | $ | 5,009,691 | | | | | $ | (18,244,424) | | | | | $ | (13,234,102) | | |
| | |
Class A
Ordinary Shares |
| |
Class B
Ordinary Shares |
| |
Additional
Paid-in Capital |
| |
Accumulated
Deficit |
| |
Total
Shareholders’ Deficit |
| |||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||
Balance – January 1, 2021
|
| | | | — | | | | | $ | — | | | | | | 6,325,000 | | | | | $ | 633 | | | | | $ | — | | | | | $ | (28,848,313) | | | | | $ | (28,847,680) | | |
Remeasurement of Class A
ordinary shares to redemption amount |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,239) | | | | | | (6,239) | | |
Cancellation of Class B ordinary
shares |
| | | | — | | | | | | — | | | | | | (20,000) | | | | | | (2) | | | | | | — | | | | | | 2 | | | | | | — | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,951,213 | | | | | | 4,951,213 | | |
Balance – March 31, 2021
|
| | | | — | | | | | | — | | | | | | 6,305,000 | | | | | | 631 | | | | | | — | | | | | | (23,903,337) | | | | | | (23,902,706) | | |
Remeasurement of Class A
ordinary shares to redemption amount |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,309) | | | | | | (6,309) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,829,884) | | | | | | (1,829,884) | | |
Balance – June 30, 2021
|
| | | | — | | | | | | — | | | | | | 6,305,000 | | | | | | 631 | | | | | | — | | | | | | (25,739,530) | | | | | | (25,738,899) | | |
Remeasurement of Class A
ordinary shares to redemption amount |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,379) | | | | | | (6,379) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,455,741 | | | | | | 4,455,741 | | |
Balance – September 30, 2021
|
| | | | — | | | | | $ | — | | | | | | 6,305,000 | | | | | $ | 631 | | | | | $ | — | | | | | $ | (21,290,168) | | | | | $ | (21,289,537) | | |
| | |
For the Nine Months Ended
September 30, |
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | |
Net income
|
| | | $ | 1,578,416 | | | | | $ | 7,577,070 | | |
Adjustments to reconcile net income to net cash used in operating activities: | | | | | | | | | | | | | |
Change in fair value of warrant liabilities
|
| | | | (5,826,276) | | | | | | (8,278,200) | | |
Change in fair value of PIPE derivative liability
|
| | | | (89,022) | | | | | | — | | |
Interest income on cash and marketable securities held in Trust Account
|
| | | | (694,351) | | | | | | (18,927) | | |
Other income
|
| | | | (296,643) | | | | | | — | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Prepaid expenses
|
| | | | (41,365) | | | | | | 102,481 | | |
Accounts payable and accrued expenses
|
| | | | 33,091 | | | | | | 219,069 | | |
Deferred legal fees
|
| | | | 4,304,833 | | | | | | — | | |
Net cash used in operating activities
|
| | | | (1,031,317) | | | | | | (398,507) | | |
Cash Flows from Investing Activities: | | | | | | | | | | | | | |
Cash withdrawn from Trust Account in connection with redemption
|
| | | | 195,081,445 | | | | | | — | | |
Net cash provided by investing activities
|
| | | | 195,081,445 | | | | | | — | | |
Cash Flows from Financing Activities: | | | | | | | | | | | | | |
Proceeds from promissory note – related party
|
| | | | 700,000 | | | | | | — | | |
Redemption of Class A ordinary shares
|
| | | | (195,081,445) | | | | | | — | | |
Net cash used in financing activities
|
| | | | (194,381,445) | | | | | | — | | |
Net Change in Cash
|
| | | | (331,317) | | | | | | (398,507) | | |
Cash – Beginning of period
|
| | | | 549,792 | | | | | | 1,132,050 | | |
Cash – End of period
|
| | | $ | 218,475 | | | | | $ | 733,543 | | |
Non-Cash investing and financing activities: | | | | | | | | | | | | | |
Remeasurement of Class A ordinary shares to redemption amount
|
| | | $ | 694,351 | | | | | $ | 18,927 | | |
Waived deferred underwriting fee payable charged to Additional paid-in capital
|
| | | $ | (8,558,357) | | | | | $ | — | | |
Initial measurement of PIPE derivative liability
|
| | | $ | 3,198,267 | | | | | $ | — | | |
|
Gross proceeds from Initial Public Offering in July 2020
|
| | | $ | 253,000,000 | | |
| Less: | | | | | | | |
|
Proceeds allocated to Public Warrants
|
| | | | (8,475,500) | | |
|
Class A ordinary shares issuance costs
|
| | | | (14,031,031) | | |
| Plus: | | | | | | | |
|
Initial remeasurement of carrying value to redemption value
|
| | | | 22,506,531 | | |
|
Subsequent remeasurement of carrying value to redemption value
|
| | | | 12,211 | | |
|
Total remeasurement of carrying value to redemption value
|
| | | | 22,518,742 | | |
|
Class A ordinary shares subject to possible redemption, December 31, 2021
|
| | | | 253,037,516 | | |
| Less: | | | | | | | |
|
Redemption of Class A ordinary shares on July 14, 2022
|
| | | | (195,081,445) | | |
| Add: | | | | | | | |
|
Remeasurement of carrying value to redemption value
|
| | | | 694,351 | | |
|
Class A ordinary shares subject to possible redemption, September 30, 2022
|
| | | $ | 58,650,422 | | |
| | |
Three Months Ended
September 30, 2022 |
| |
Three Months Ended
September 30, 2021 |
| |
Nine Months Ended
September 30, 2022 |
| |
Nine Months Ended
September 30, 2021 |
| ||||||||||||||||||||||||||||||||||||
| | |
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| |
Class A
|
| |
Class B
|
| ||||||||||||||||||||||||
Basic and diluted net (loss) income per ordinary share
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allocation of net (loss) income
|
| | | $ | (2,338,233) | | | | | $ | (1,677,059) | | | | | $ | 3,564,593 | | | | | $ | 891,148 | | | | | $ | 1,195,341 | | | | | $ | 383,075 | | | | | $ | 6,065,481 | | | | | $ | 1,511,589 | | |
Denominator: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted average shares outstanding
|
| | | | 8,790,721 | | | | | | 6,305,000 | | | | | | 25,300,000 | | | | | | 6,325,000 | | | | | | 19,736,433 | | | | | | 6,305,000 | | | | | | 25,300,000 | | | | | | 6,305,055 | | |
Basic and diluted net (loss) income per ordinary share
|
| | | $ | (0.27) | | | | | $ | (0.27) | | | | | $ | 0.14 | | | | | $ | 0.14 | | | | | $ | 0.06 | | | | | $ | 0.06 | | | | | $ | 0.24 | | | | | $ | 0.24 | | |
Description
|
| |
Level
|
| |
December 31,
2021 |
| |
Level
|
| |
September 30,
2022 |
| ||||||||||||
Assets: | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash held in interest-earning checking Trust Account
|
| | | | 1 | | | | | $ | — | | | | | | 1 | | | | | $ | 58,650,422 | | |
Marketable securities held in Trust Account
|
| | | | 1 | | | | | $ | 253,037,516 | | | | | | 1 | | | | | $ | — | | |
Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | |
Warrant Liability – Public Warrants
|
| | | | 1 | | | | | $ | 6,775,340 | | | | | | 1 | | | | | $ | 3,036,000 | | |
Warrant Liability – Private Placement Warrants
|
| | | | 3 | | | | | $ | 3,781,336 | | | | | | 2 | | | | | $ | 1,694,400 | | |
PIPE derivative liability
|
| | | | 3 | | | | | $ | — | | | | | | 3 | | | | | $ | 3,109,245 | | |
| | |
December 31,
2021 |
| |||
Exercise price
|
| | | $ | 11.50 | | |
Share price
|
| | | $ | 9.87 | | |
Volatility
|
| | | | 12.3% | | |
Term
|
| | | | 5.00 | | |
Risk-free rate
|
| | | | 1.10% | | |
Dividend yield
|
| | | | 0.00 | | |
| | |
Private
Placement |
| |||
Fair value as of December 31, 2021
|
| | | $ | 3,781,336 | | |
Change in fair value
|
| | | | (2,498,534) | | |
Transfer to Level 2
|
| | | | (1,282,802) | | |
Fair value as of September 30, 2022
|
| | | $ | — | | |
Input
|
| |
July 5, 2022
(Initial Measurement) |
| |
September 30,
2022 |
| ||||||
Initial share price
|
| | | $ | 9.98 | | | | | $ | 9.92 | | |
Price CPI adjusted at measurement date
|
| | | $ | 10.80 | | | | | $ | 10.66 | | |
Days to expire (number of business days)
|
| | | | 630 | | | | | | 630 | | |
Fraction of a year (years)
|
| | | | 2.5 | | | | | | 2.5 | | |
Risk-free rate
|
| | | | 2.80% | | | | | | 4.30% | | |
Dividend yield
|
| | | | 0.00% | | | | | | 0.00% | | |
Historical volatility
|
| | | | 58.49% | | | | | | 55.63% | | |
Accumulated expected inflation
|
| | | | 8.20% | | | | | | 7.50% | | |
Block trade fee
|
| | | | 1.00% | | | | | | 1.00% | | |
Illiquidity discount
|
| | | | 2.20% | | | | | | 2.20% | | |
| | |
PIPE Derivative
Liability |
| |||
Initial measurement on July 5, 2022
|
| | | $ | 3,198,267 | | |
Change in valuation inputs or other assumptions
|
| | | | (89,022) | | |
Fair value as of September 30, 2022
|
| | |
$
|
3,109,245
|
| |
| | |
Note
|
| |
December 31, 2021
|
| |
December 31, 2020
|
| |
January 1, 2020
|
| ||||||||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 4 | | | | | | 118,918 | | | | | | 61,754 | | | | | | 12,266 | | |
Trade and other receivables
|
| | | | 5 | | | | | | 234,288 | | | | | | 113,353 | | | | | | 54,277 | | |
Current tax assets
|
| | | | 6 | | | | | | 4,895 | | | | | | 2,350 | | | | | | 1,907 | | |
Other tax assets
|
| | | | 6 | | | | | | 13,308 | | | | | | 8,491 | | | | | | 12,682 | | |
Prepaid expenses
|
| | | | | | | | | | 1,484 | | | | | | 513 | | | | | | — | | |
Advances to suppliers
|
| | | | | | | | | | 47,283 | | | | | | 17,996 | | | | | | 1,795 | | |
Inventories
|
| | | | | | | | | | 8,781 | | | | | | 5,174 | | | | | | 1,437 | | |
Other accounts equivalents
|
| | | | 4 | | | | | | 24,454 | | | | | | 24,133 | | | | | | 9,584 | | |
Current assets
|
| | | | | | | | | | 453,411 | | | | | | 233,764 | | | | | | 93,948 | | |
Non-current assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Related parties loans
|
| | | | 15 | | | | | | 34,726 | | | | | | 28,318 | | | | | | 18,857 | | |
Deferred taxes
|
| | | | 21 | | | | | | 8,987 | | | | | | 5,793 | | | | | | 4,946 | | |
Judicial deposits
|
| | | | 14 | | | | | | 147 | | | | | | 407 | | | | | | 711 | | |
Other accounts receivable
|
| | | | | | | | | | 6,811 | | | | | | 5,071 | | | | | | 349 | | |
Property, plant and equipment
|
| | | | 8 | | | | | | 331,621 | | | | | | 102,781 | | | | | | 49,724 | | |
Goodwill
|
| | | | 8 | | | | | | 584,893 | | | | | | 221,466 | | | | | | 41,244 | | |
Intangible assets
|
| | | | 9 | | | | | | 10,485 | | | | | | 3,141 | | | | | | 2,638 | | |
Total Non-current assets
|
| | | | | | | | | | 977,670 | | | | | | 366,977 | | | | | | 118,469 | | |
Total assets
|
| | | | | | | | | | 1,431,081 | | | | | | 600,741 | | | | | | 212,417 | | |
| | |
Note
|
| |
December 31, 2021
|
| |
December 31, 2020
|
| |
January 1, 2020
|
| ||||||||||||
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans and Financing
|
| | | | 10 | | | | | | 60,755 | | | | | | 15,216 | | | | | | 14,287 | | |
Trade and other payables
|
| | | | 11 | | | | | | 39,573 | | | | | | 20,174 | | | | | | 6,479 | | |
Labor Obligation
|
| | | | | | | | | | 21,552 | | | | | | 14,359 | | | | | | 6,604 | | |
Dividends payable
|
| | | | 15.1 | | | | | | 31,469 | | | | | | — | | | | | | — | | |
Current income tax payable
|
| | | | 12 | | | | | | 6,872 | | | | | | 1,637 | | | | | | 1,894 | | |
Other tax payable
|
| | | | 12 | | | | | | 17,678 | | | | | | 11,418 | | | | | | 7,121 | | |
Obligations from acquisition of investment
|
| | | | 7 | | | | | | 128,130 | | | | | | 28,167 | | | | | | — | | |
Lease liabilities
|
| | | | 13 | | | | | | 9,635 | | | | | | 3,134 | | | | | | 2,320 | | |
Other bills to pay
|
| | | | | | | | | | 30,480 | | | | | | 8,833 | | | | | | 6,210 | | |
Current liabilities
|
| | | | | | | | | | 346,144 | | | | | | 102,938 | | | | | | 44,915 | | |
Non-current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans and Financing
|
| | | | 10 | | | | | | 94,549 | | | | | | 58,475 | | | | | | 19,332 | | |
Other tax expenses
|
| | | | 12 | | | | | | 4,065 | | | | | | — | | | | | | 7,446 | | |
Related parties loans
|
| | | | 15 | | | | | | 482,161 | | | | | | 54,213 | | | | | | 64,182 | | |
Deferred income tax and social contribution
|
| | | | 21 | | | | | | 33,404 | | | | | | 12,923 | | | | | | 6,491 | | |
Obligations from acquisition of investment
|
| | | | 7 | | | | | | 101,278 | | | | | | 29,267 | | | | | | — | | |
Provision for contingencies
|
| | | | 14 | | | | | | 181 | | | | | | 546 | | | | | | 1,020 | | |
Lease liabilities
|
| | | | 13 | | | | | | 22,032 | | | | | | 5,807 | | | | | | 1,935 | | |
Other bills to pay
|
| | | | | | | | | | 9,349 | | | | | | 9,378 | | | | | | 1,977 | | |
Non-current liabilities
|
| | | | | | | | | | 747,019 | | | | | | 170,609 | | | | | | 102,383 | | |
Total liabilities
|
| | | | | | | | | | 1,093,163 | | | | | | 273,547 | | | | | | 147,298 | | |
Shareholders’ equity | | | | | | | | | | | | | | | | | | | | | | | | | |
Capital
|
| | | | | | | | | | 261,920 | | | | | | 36,899 | | | | | | 36,899 | | |
Advance for future capital increase
|
| | | | | | | | | | — | | | | | | 176,000 | | | | | | — | | |
Profit reserves
|
| | | | | | | | | | 176,148 | | | | | | 76,430 | | | | | | 14,731 | | |
Capital transactions
|
| | | | | | | | | | (116,486) | | | | | | (3,458) | | | | | | (3,458) | | |
Equity valuation adjustment
|
| | | | | | | | | | 984 | | | | | | 984 | | | | | | 984 | | |
Accumulated translation adjustment
|
| | | | | | | | | | 3,428 | | | | | | 16,818 | | | | | | 2,086 | | |
Equity attributable to
|
| | | | 16 | | | | | | 325,994 | | | | | | 303,673 | | | | | | 51,242 | | |
Non-controlling
|
| | | | 16 | | | | |
|
11,924
|
| | | |
|
23,521
|
| | | |
|
13,877
|
| |
Total equity
|
| | | | | | | | | | 337,918 | | | | | | 327,194 | | | | | | 65,119 | | |
Total shareholders’ equity and liabilities
|
| | | | | | | | | | 1,431,081 | | | | | | 600,741 | | | | | | 212,417 | | |
| | |
Note
|
| |
2021
|
| |
2020
|
| |||||||||
Net Revenue
|
| | | | 18 | | | | | | 822,203 | | | | | | 364,284 | | |
Cost of services rendered
|
| | | | 19 | | | | | | (618,691) | | | | | | (256,147) | | |
Gross profit
|
| | | | | | | | | | 203,512 | | | | | | 108,137 | | |
Selling, general and administrative expenses
|
| | | | 19 | | | | | | (26,837) | | | | | | (18,956) | | |
Other income, net expenses
|
| | | | 19 | | | | | | 1.355 | | | | | | 705 | | |
Operating expenses
|
| | | | | | | | | | (25,482) | | | | | | (18,251) | | |
Operating profit
|
| | | | | | | | | | 178,030 | | | | | | 89,886 | | |
Finance costs
|
| | | | 20 | | | | | | (12,804) | | | | | | (14,483) | | |
Finance income
|
| | | | 20 | | | | | | 10,776 | | | | | | 7,405 | | |
Net finance costs
|
| | | | | | | | | | (2,028) | | | | | | (7,078) | | |
Profit before tax
|
| | | | | | | | | | 176,002 | | | | | | 82,808 | | |
Income tax and social contribution
|
| | | | 21 | | | | | | (37,860) | | | | | | (16,754) | | |
Profit for the year
|
| | | | | | | | | | 138,142 | | | | | | 66,054 | | |
Profit Attributable to: | | | | | | | | | | | | | | | | | | | |
Owners of the group
|
| | | | | | | | | | 131,117 | | | | | | 61,699 | | |
Non-controlling interests
|
| | | | | | | | | | 7,025 | | | | | | 4,355 | | |
Number of shares at year end
|
| | | | | | | | | | 48,615,599 | | | | | | 36,898,917 | | |
Earnings per share (basic and diluted) at the end of the year – in R$
|
| | | | | | | | | | 2,84 | | | | | | 1,79 | | |
| | |
2021
|
| |
2020
|
| ||||||
Profit for the year
|
| | | | 138,142 | | | | | | 66,054 | | |
Items that are or may be reclassified subsequently to profit or loss: | | | | | | | | | | | | | |
Exchange rate change on goodwill on investee abroad
|
| | | | (9,042) | | | | | | 1,632 | | |
Accumulated translation adjustment
|
| | | | 20,731 | | | | | | 13,100 | | |
Other comprehensive income for the period, net of tax
|
| | | | 11,689 | | | | | | 14,732 | | |
Total comprehensive income, net of taxes
|
| | | | 149,831 | | | | | | 80,786 | | |
Attributable to: | | | | | | | | | | | | | |
Owners of the group
|
| | | | 131,117 | | | | | | 61,699 | | |
Non-controlling interest
|
| | | | 18,714 | | | | | | 19,087 | | |
| | | | | 149,831 | | | | | | 80,786 | | |
| | | | | | | | |
Attributable to owners of the Group
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Note
|
| |
Capital
|
| |
Advances
for future capital increase |
| |
Capital
transactions |
| |
Legal
reserve |
| |
Unrealized
income reserve |
| |
Equity
valuation adjustment |
| |
Accumulated
translation adjustment |
| |
Retained
earnings |
| |
Total
attributable to the controlling shareholder |
| |
Non
controlling interests |
| |
Total
|
| | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balances at January 1, 2020
|
| | | | | | | | | | 36,899 | | | | | | — | | | | | | (3,458) | | | | | | 5,024 | | | | | | 9,707 | | | | | | 984 | | | | | | 2,086 | | | | | | — | | | | | | 51,242 | | | | | | 13,877 | | | | | | 65,119 | | | | | | | | | | | | | ||||||||||||||||||||
Advance for future capital increase
|
| | | | 16,2 | | | | | | — | | | | | | 176,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 176,000 | | | | | | — | | | | |
|
176,000
|
| | | | | | | | | | | | ||||||||||||||||||||
Interest of non-controlling shareholders
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,289 | | | | |
|
5,289
|
| | | | | | | | | | | | ||||||||||||||||||||
Other comprehensive income
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,732 | | | | | | — | | | | | | 14,732 | | | | | | — | | | | |
|
14,732
|
| | | | | | | | | | | | ||||||||||||||||||||
Net income for the year
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 61,699 | | | | | | 61,699 | | | | | | 4,355 | | | | |
|
66,054
|
| | | | | | | | | | | | ||||||||||||||||||||
Distribution of profit | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Legal reserve
|
| | | | 16,3 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,356 | | | | | | — | | | | | | — | | | | | | — | | | | | | (2,356) | | | | | | — | | | | | | — | | | | |
|
—
|
| | | | | | | | | | | | ||||||||||||||||||||
Unrealized profit reserve
|
| | | | 16,3 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 59,343 | | | | | | — | | | | | | — | | | | | | (59,343) | | | | | | — | | | | | | — | | | | |
|
—
|
| | | | | | | | | | | | ||||||||||||||||||||
December 31, 2020
|
| | | | | | | | | | 36,899 | | | | | | 176,000 | | | | | | (3,458) | | | | | | 7,380 | | | | | | 69,050 | | | | | | 984 | | | | | | 16,818 | | | | | | — | | | | | | 303,673 | | | | | | 23,521 | | | | | | 327,194 | | | | | | | | | | | | | ||||||||||||||||||||
Capital increase with transfer of investment
|
| | | | 16,1 | | | | | | 49,021 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (25,016) | | | | | | — | | | | | | 24,005 | | | | | | — | | | | |
|
24,005
|
| | | | | | | | | | | | ||||||||||||||||||||
Advance for future capital increase
|
| | | | 16,1 | | | | | | 176,000 | | | | | | (176,000)) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| | | | | | | | | | | | ||||||||||||||||||||
Transactions with shareholders
|
| | | | 16,6 | | | | | | — | | | | | | — | | | | | | (113,028) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (113,028) | | | | | | — | | | | |
|
(113,028)
|
| | | | | | | | | | | | ||||||||||||||||||||
Early distribution of reserve
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (307) | | | | | | — | | | | | | — | | | | | | — | | | | | | (307) | | | | | | — | | | | |
|
(307)
|
| | | | | | | | | | | | ||||||||||||||||||||
Interest of non-controlling shareholders
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (18,622) | | | | |
|
(18,622)
|
| | | | | | | | | | | | ||||||||||||||||||||
Other comprehensive income
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 63 | | | | | | — | | | | | | 11,626 | | | | | | — | | | | | | 11,689 | | | | | | — | | | | |
|
11,689
|
| | | | | | | | | | | | ||||||||||||||||||||
Net income for the year
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 131,117 | | | | | | 131,117 | | | | | | 7,025 | | | | |
|
138,142
|
| | | | | | | | | | | | ||||||||||||||||||||
Distribution of profit | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
Legal reserve
|
| | | | 16,3 | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,559 | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,559) | | | | | | — | | | | | | — | | | | |
|
—
|
| | | | | | | | | | | | ||||||||||||||||||||
Minimum compulsory dividends
|
| | | | 16,3 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 31,155) | | | | | | (31,155) | | | | | | — | | | | |
|
(31,155)
|
| | | | | | | | | | | | ||||||||||||||||||||
Unrealized profit reserve
|
| | | | 16,3 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 93,403 | | | | | | — | | | | | | — | | | | | | (93,403) | | | | | | — | | | | | | — | | | | |
|
—
|
| | | | | | | | | | | | ||||||||||||||||||||
As of December 31, 2021
|
| | | | | | | | | | 261,920 | | | | | | — | | | | | | (116,486) | | | | | | 13,939 | | | | | | 162,209 | | | | | | 984 | | | | | | 3,428 | | | | | | — | | | | | | 325,994 | | | | | | 11,924 | | | | | | 337,918 | | | | | | | | | | | | |
| | |
Combined
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Profit for the year
|
| | | | 138,142 | | | | | | 66,054 | | |
Adjustments for non-cash items | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 60,163 | | | | | | 22,519 | | |
Expected credit losses
|
| | | | (340) | | | | | | 39 | | |
Residual value of written-off property, plant and equipment and intangible assets
|
| | | | (6,355) | | | | | | 3,969 | | |
Provision for contingencies
|
| | | | (365) | | | | | | (474) | | |
Income tax and social contribution – Deferred
|
| | | | 14,087 | | | | | | 5,480 | | |
Interest on loans and financing and exchange-rate change
|
| | | | 2,919 | | | | | | 2,846 | | |
Changes in assets and liabilities: | | | | | | | | | | | | | |
Accounts receivable
|
| | | | (79,118) | | | | | | (32,243) | | |
Recoverable taxes
|
| | | | (6,102) | | | | | | 5,317 | | |
Prepaid expenses
|
| | | | 1,778 | | | | | | 19 | | |
Advances to suppliers
|
| | | | (29,287) | | | | | | (16,201) | | |
Inventories
|
| | | | (3,607) | | | | | | (3,737) | | |
Other accounts receivable
|
| | | | 24,850 | | | | | | (13,192) | | |
Suppliers
|
| | | | (21,740) | | | | | | (7,340) | | |
Salaries and social security charges
|
| | | | (1,485) | | | | | | 6,953 | | |
Taxes payable
|
| | | | (2,900) | | | | | | (1,595) | | |
Other accounts payable
|
| | | | (17,565) | | | | | | (350) | | |
Cash generated from operating activities
|
| | | | 73,075 | | | | | | 38,064 | | |
Interest paid on loans and financing
|
| | | | (5,985) | | | | | | (2,722) | | |
Interest paid on leases
|
| | | | (573) | | | | | | (183) | | |
Income tax and social contribution
|
| | | | (2,193) | | | | | | (2,656) | | |
Net Cash generated from operating activities
|
| | | | 64,324 | | | | | | 32,503 | | |
Cash flow from investing activities | | | | | | | | | | | | | |
Cash spent on companies’ acquisitions; net of cash received
|
| | | | (286,134) | | | | | | (76,023) | | |
Payment of obligations from acquisition of investments
|
| | | | (38,493) | | | | | | (19,638) | | |
Acquisition of property, plant and equipment and intangible assets
|
| | | | (123,794) | | | | | | (22,001) | | |
Net cash used in investing activities
|
| | | | (448,420) | | | | | | (117,662) | | |
Cash flow from financing activities | | | | | | | | | | | | | |
Profit distribution – prior periods
|
| | | | (63) | | | | | | — | | |
Related parties
|
| | | | 441,662 | | | | | | 113,965 | | |
Lease payments – Principal
|
| | | | (6,819) | | | | | | (3,955) | | |
Proceeds from loans and financing
|
| | | | 50,620 | | | | | | 22,415 | | |
Payments of loans and financing – Principal
|
| | | | (52,152) | | | | | | (23,547) | | |
Net cash generated from financing activities
|
| | | | 433,248 | | | | | | 108,878 | | |
Increase in cash and cash equivalents
|
| | | | 49,152 | | | | | | 23,719 | | |
Exchange rate change in cash and cash equivalents
|
| | | | 8,012 | | | | | | 25,769 | | |
Cash and cash equivalents at the beginning of the year
|
| | | | 61,754 | | | | | | 12,266 | | |
Cash and cash equivalents at the end of the year
|
| | | | 118,918 | | | | | | 61,754 | | |
Increase in cash and cash equivalents
|
| | | | 49,152 | | | | | | 23,719 | | |
| | | | | | | | |
Ownership held
by Group |
| |
Ownership held
by NCI |
| | | | | | | ||||||||||||||||||
Company
|
| |
Place of Business/ Country
of Incorporation |
| |
Controller
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| |
Consolidation
method |
| |||||||||||||||
|
%
|
| |
%
|
| |
%
|
| |
%
|
| ||||||||||||||||||||||||||
Emergência Participações S.A.
|
| | Brazil | | | Ambipar Participações | | | | | 100,00 | | | | | | 100,00 | | | | | | — | | | | | | — | | | | | | Full | | |
Ambipar Howells Consultancy Limited
|
| | United Kingdom | | |
Emergência Participações
|
| | | | 100,00 | | | | | | — | | | | | | — | | | | | | 100,00 | | | | | | Full | | |
| | | | | | Ambipar Participações | | | | | — | | | | | | 100,00 | | | | | | 100,00 | | | | | | — | | | | | | Full | | |
Ambipar Response Limited
|
| | United Kingdom | | |
Emergência Participações
|
| | | | 100,00 | | | | | | — | | | | | | — | | | | | | 100,00 | | | | | | Full | | |
| | | | | | Ambipar Participações | | | | | — | | | | | | 100,00 | | | | | | 100,00 | | | | | | — | | | | | | Full | | |
Ambipar Response S.A.
|
| | Brazil | | |
Emergência Participações
|
| | | | 100,00 | | | | | | 100,00 | | | | | | — | | | | | | — | | | | | | Full | | |
Ambipar Insurance Corretora de Seguros Ltda
|
| | Brazil | | |
Emergência Participações
|
| | | | 100,00 | | | | | | 100,00 | | | | | | — | | | | | | — | | | | | | Full | | |
Ambipar Response Insurence – Atendimento a Seguros Ltda
|
| | Brazil | | |
Emergência Participações
|
| | | | 100,00 | | | | | | 100,00 | | | | | | — | | | | | | — | | | | | | Full | | |
Atmo Hazmat Ltda
|
| | Brazil | | |
Emergência Participações
|
| | | | 100,00 | | | | | | 100,00 | | | | | | — | | | | | | — | | | | | | Full | | |
Suatrans Chile S.A.
|
| | Chile | | |
Emergência Participações
|
| | | | 100,00 | | | | | | 50,00 | | | | | | — | | | | | | 50,00 | | | | | | Full | | |
Suatrans Peru SAC
|
| | Peru | | | Suatrans Chile | | | | | 99,78 | | | | | | 49,89 | | | | | | 0,22 | | | | | | 50,11 | | | | | | Full | | |
Suatrans Training S.A.
|
| | Chile | | | Suatrans Chile | | | | | 99,99 | | | | | | 50,00 | | | | | | 0,01 | | | | | | 50,00 | | | | | | Full | | |
SIS – Servicios Industriales Especializados S.A.
|
| | Chile | | | Suatrans Chile | | | | | 99,99 | | | | | | 49,95 | | | | | | 0,01 | | | | | | 50,05 | | | | | | Full | | |
Horvefel S.A.
|
| | Uruguai | | | Suatrans Chile | | | | | 100,00 | | | | | | 50,00 | | | | | | — | | | | | | 50,00 | | | | | | Full | | |
SABI Tech S.A.S
|
| | Colombia | | | Suatrans Chile | | | | | 100,00 | | | | | | — | | | | | | — | | | | | | — | | | | | | Full | | |
Ambipar Holding USA, INC
|
| |
United States of America
|
| |
Emergência Participações
|
| | | | 100,00 | | | | | | 100,00 | | | | | | — | | | | | | — | | | | | | Full | | |
Allied International Emergency LLC.
|
| |
United States of America
|
| | Ambipar Holding USA | | | | | 100,00 | | | | | | 100,00 | | | | | | — | | | | | | — | | | | | | Full | | |
One Stop Environmental, LLC
|
| |
United States of America
|
| | Ambipar Holding USA | | | | | 100,00 | | | | | | 100,00 | | | | | | — | | | | | | — | | | | | | Full | | |
Intracoastal Invironmental, LLC
|
| |
United States of America
|
| | Ambipar Holding USA | | | | | 100,00 | | | | | | 100,00 | | | | | | — | | | | | | — | | | | | | Full | | |
Custom Environmental Services, INC
|
| |
United States of America
|
| | Ambipar Holding USA | | | | | 100,00 | | | | | | 100,00 | | | | | | — | | | | | | — | | | | | | Full | | |
Ambipar Holdings UK Limited
|
| | United Kingdom | | |
Emergência Participações
|
| | | | 100,00 | | | | | | 100,00 | | | | | | — | | | | | | — | | | | | | Full | | |
Ambipar Holding Canadá, INC
|
| | Canadá | | |
Emergência Participações
|
| | | | 100,00 | | | | | | 100,00 | | | | | | — | | | | | | — | | | | | | Full | | |
JM Serviços Integrados Ltda
|
| | Brazil | | |
Emergência Participações
|
| | | | 70,00 | | | | | | — | | | | | | 30,00 | | | | | | — | | | | | | Full | | |
JM Serviços e Locações Ltda
|
| | Brazil | | |
Emergência Participações
|
| | | | 70,00 | | | | | | — | | | | | | 30,00 | | | | | | — | | | | | | Full | | |
Lacerda & Lacerda Serviços de Transportes e Emergências Ambientais Ltda
|
| | Brazil | | |
Emergência Participações
|
| | | | 70,00 | | | | | | — | | | | | | 30,00 | | | | | | — | | | | | | Full | | |
Desentupidora Belo Ltda
|
| | Brazil | | |
Emergência Participações
|
| | | | 70,00 | | | | | | — | | | | | | 30,00 | | | | | | — | | | | | | Full | | |
Ambipar Response Gás Ltda.
|
| | Brazil | | |
Emergência Participações
|
| | | | 100,00 | | | | | | — | | | | | | — | | | | | | — | | | | | | Full | | |
Enviroclear Site Service Limited
|
| | United Kingdom | | | Ambipar Holding UK | | | | | 100,00 | | | | | | — | | | | | | — | | | | | | — | | | | | | Full | | |
Orion Environmental Services Ltd.
|
| | Canadá | | |
Ambipar Holding Canadá
|
| | | | 100,00 | | | | | | — | | | | | | — | | | | | | — | | | | | | Full | | |
Inversiones Disal Emergencias S.A.
|
| | Chile | | |
Emergência Participações
|
| | | | 100,00 | | | | | | — | | | | | | — | | | | | | — | | | | | | Full | | |
EMS Environmental, Inc
|
| |
United States of America
|
| | Ambipar Holding USA | | | | | 100,00 | | | | | | — | | | | | | — | | | | | | — | | | | | | Full | | |
| | | | | | | | |
Ownership
held by Group |
| |
Ownership
held by NCI |
| | | | | | | ||||||||||||||||||
Company
|
| |
Place of Business/ Country
of Incorporation |
| |
Controller
|
| |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| |
Consolidation
method |
| |||||||||||||||
|
%
|
| |
%
|
| |
%
|
| |
%
|
| ||||||||||||||||||||||||||
Ambipar Atendimento Médico
Hospitalar Ltda. |
| | Brazil | | |
Emergência Participações
|
| | | | 100,00 | | | | | | — | | | | | | — | | | | | | — | | | | | | Full | | |
Fênix Emergências Ambientais Ltda.
|
| | Brazil | | |
Emergência Participações
|
| | | | 100,00 | | | | | | — | | | | | | — | | | | | | — | | | | | | Full | | |
APW Ambiental e Transporte Ltda.
|
| | Brazil | | |
Emergência Participações
|
| | | | 100,00 | | | | | | — | | | | | | — | | | | | | — | | | | | | Full | | |
Ambipar Response ES S.A.
|
| | Brazil | | |
Emergência Participações
|
| | | | 70,00 | | | | | | — | | | | | | 30,00 | | | | | | — | | | | | | Full | | |
Ambipar Response Control Environmental Consulting S.A.
|
| | Brazil | | | Ambipar Response ES | | | | | 70,00 | | | | | | — | | | | | | 30,00 | | | | | | — | | | | | | Full | | |
Ambipar Response Orbitgeo Ltda.
|
| | Brazil | | | Ambipar Response ES | | | | | 70,00 | | | | | | — | | | | | | 30,00 | | | | | | — | | | | | | Full | | |
Ambipar Response OGTEC Facilities Ltda.
|
| | Brazil | | | Ambipar Response ES | | | | | 70,00 | | | | | | — | | | | | | 30,00 | | | | | | — | | | | | | Full | | |
Ambipar Response Wastewater Control Ltda.
|
| | Brazil | | | Ambipar Response ES | | | | | 70,00 | | | | | | — | | | | | | 30,00 | | | | | | — | | | | | | Full | | |
Ambipar Response Geoweb Ltda.
|
| | Brazil | | | Ambipar Response ES | | | | | 70,00 | | | | | | — | | | | | | 30,00 | | | | | | — | | | | | | Full | | |
Ambipar Response Geociências Ltda. (*)
|
| | Brazil | | | Ambipar Response ES | | | | | 38,50 | | | | | | — | | | | | | 61,50 | | | | | | — | | | | | | Full | | |
Swat Consulting Inc.
|
| |
United States of America
|
| | Ambipar Holding USA | | | | | 100,00 | | | | | | — | | | | | | — | | | | | | — | | | | | | Full | | |
Professional Emergency Resource Services
|
| |
United States of America
|
| | Ambipar Holding USA | | | | | 100,00 | | | | | | — | | | | | | — | | | | | | — | | | | | | Full | | |
Emerge Hydrovac Inc.
|
| | Canadá | | |
Ambipar Holding Canadá
|
| | | | 100,00 | | | | | | — | | | | | | — | | | | | | — | | | | | | Full | | |
Lynx Creek Industrial & Hydrovac Ltd.
|
| | Canadá | | |
Ambipar Holding Canadá
|
| | | | 100,00 | | | | | | — | | | | | | — | | | | | | — | | | | | | Full | | |
Ambipar Holding Ireland Limited
|
| | Ireland | | | Ambipar Holding UK | | | | | 100,00 | | | | | | — | | | | | | — | | | | | | — | | | | | | Full | | |
Lehane Environmental & Industrial
Services Ltd |
| | Ireland | | |
Ambipar Holding Ireland
|
| | | | 100,00 | | | | | | — | | | | | | — | | | | | | — | | | | | | Full | | |
| Financial assets at FVTPL | | | These assets are subsequently measured at fair value, Net gains and losses, including any interest or dividend income, are recognized in profit or loss. | |
| Financial assets at amortized cost | | | These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses, Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. | |
| Debt investments at FVOCI | | | These assets are subsequently measured at fair value, Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. | |
| Equity investments at FVOCI | | | These assets are subsequently measured at fair value, Dividends are recognized as income in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment, Other net gains and losses are recognized in OCI and are never reclassified to profit or loss. | |
| | |
JM Serviços
Integrados S.A. |
| |
Lacerda &
Lacerda Serv.de Transp.e Emergências Ambientais Ltda |
| |
AMBIPAR
Response ES S.A. |
| |
Suatrans Chile
S.A. (*) |
| |
Total
|
| |||||||||||||||
| | |
December 31,
2021 |
| |
December 31,
2021 |
| |
December 31,
2021 |
| |
Jun 30,
2021 |
| |
December 31,
2021 |
| |||||||||||||||
Summarized statement of financial position
|
| | | | | | |||||||||||||||||||||||||
Current assets
|
| | | | 6,579 | | | | | | 15,765 | | | | | | 34,396 | | | | | | 80,101 | | | | | | 136,841 | | |
Current liabilities
|
| | | | (4,928) | | | | | | (6,499) | | | | | | (11,356) | | | | | | (24,251) | | | | | | (47,034) | | |
Current net assets
|
| | | | 1,651 | | | | | | 9,266 | | | | | | 23,040 | | | | | | 55,850 | | | | | | 89,807 | | |
Non-current assets
|
| | | | 10,869 | | | | | | 213 | | | | | | 15,453 | | | | | | 25,741 | | | | | | 52,276 | | |
Non-current liabilities
|
| | | | (7,533) | | | | | | (7,187) | | | | | | (6,323) | | | | | | (30,518) | | | | | | (51,561) | | |
Non-current net assets
|
| | | | 3,336 | | | | | | (6,974) | | | | | | 9,130 | | | | | | (4,777) | | | | | | 715 | | |
Net assets
|
| | | | 4,987 | | | | | | 2,292 | | | | | | 32,170 | | | | | | 51,073 | | | | | | 90,522 | | |
Net assets controlling
|
| | | | 4,987 | | | | | | 2,292 | | | | | | 32,030 | | | | | | 51,073 | | | | | | 90,382 | | |
Net assets non-controlling
|
| | | | — | | | | | | — | | | | | | 140 | | | | | | — | | | | | | 140 | | |
Accumulated NCI 2020
|
| | | | 23,521 | | | | | | | | | | | | | | | | | | | | | | | | | | |
Others adjustment from non-controlling
|
| | | | (1,496) | | | | | | (688) | | | | | | (9,413) | | | | | | — | | | | | | (11,597) | | |
Accumulated NCI adjusted 2021
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | 11,924 | | |
| | |
JM Serviços
Integrados S.A. |
| |
Lacerda &
Lacerda Serv.de Transp.e Emergências Ambientais Ltda |
| |
AMBIPAR
Response ES S.A.(**) |
| |
Suatrans Chile
S.A. (*) (**) |
| |
Total
|
|
Summarized statement of financial position | | | | | | | ||||||||||
Revenue
|
| |
15,415
|
| |
18,040
|
| |
34,301
|
| |
61,516
|
| |
129,272
|
|
Cost of services rendered
|
| |
(9,359)
|
| |
(4,018)
|
| |
(24,328)
|
| |
(41,448)
|
| |
(79,153)
|
|
Gross profit
|
| |
6,056
|
| |
14,021
|
| |
9,973
|
| |
20,068
|
| |
50,118
|
|
Selling, general and administrative
expenses |
| |
(3,423)
|
| |
(2,867)
|
| |
(3,796)
|
| |
(8,964)
|
| |
(19,050)
|
|
Other expense
|
| |
(43)
|
| |
254
|
| |
972
|
| |
124
|
| |
1,307
|
|
Operating expenses
|
| |
(3,466)
|
| |
(2,614)
|
| |
(2,825)
|
| |
(8,840)
|
| |
(17,744)
|
|
Operating profit
|
| |
2,591
|
| |
11,408
|
| |
7,148
|
| |
11,228
|
| |
32,374
|
|
Finance costs
|
| |
(763)
|
| |
(379)
|
| |
(496)
|
| |
(972)
|
| |
(2,610)
|
|
Finance income
|
| |
6
|
| |
51
|
| |
417
|
| |
13
|
| |
487
|
|
Net finance costs
|
| |
(757)
|
| |
(327)
|
| |
(79)
|
| |
(959)
|
| |
(2,123)
|
|
Profit before tax
|
| |
1,833
|
| |
11,080
|
| |
7,069
|
| |
10,269
|
| |
30,251
|
|
Income tax and social contribution
|
| |
(3,024)
|
| |
(3,235)
|
| |
(2,550)
|
| |
(2,993)
|
| |
(11,801)
|
|
Profit for the year
|
| |
(1,190)
|
| |
7,846
|
| |
4,519
|
| |
7,276
|
| |
18,451
|
|
Profit for the year controlling
|
| |
(833)
|
| |
5,492
|
| |
3,128
|
| |
3,638
|
| |
11,425
|
|
Profit for the year non-controlling
|
| |
(357)
|
| |
2,354
|
| |
1,391
|
| |
3,638
|
| |
7,026
|
|
Interest attributable to non-controlling shareholders
|
| |
30,00%
|
| |
30,00%
|
| |
30,00%
|
| |
50,00%
|
| | | |
| | |
(Combined) scenarios
|
| |||||||||||||||||||||
Index risk
|
| |
Base
|
| |
Probable
|
| |
Possible
|
| |
Remote
|
| ||||||||||||
CDI – Interest earning bank deposits
|
| | | | 61,461 | | | | | | 5,685 | | | | | | 4,264 | | | | | | 2,843 | | |
CDI – Loans and Financing
|
| | | | (155,304) | | | | | | (14,366) | | | | | | (17,958) | | | | | | (21,549) | | |
Net exposure
|
| | | | (93,843) | | | | | | (8,681) | | | | | | (13,694) | | | | | | (18,706) | | |
| | |
(Combined) scenarios
|
| |||||||||||||||||||||
Index risk
|
| |
Base
|
| |
Probable
|
| |
Possible
|
| |
Remote
|
| ||||||||||||
CDI – Interest earning bank deposits
|
| | | | 23,135 | | | | | | 636 | | | | | | 477 | | | | | | 318 | | |
CDI – Loans and Financing
|
| | | | (73,691) | | | | | | (2,027) | | | | | | (2,534) | | | | | | (3,041) | | |
Net exposure
|
| | | | (50,556) | | | | | | (1,391) | | | | | | (2,057) | | | | | | (2,723) | | |
| | |
(Combined) scenarios
|
| |||||||||||||||||||||
Index risk
|
| |
Base
|
| |
Probable
|
| |
Possible
|
| |
Remote
|
| ||||||||||||
CDI – Interest earning bank deposits
|
| | | | 2,713 | | | | | | 157 | | | | | | 118 | | | | | | 79 | | |
CDI – Loans and Financing
|
| | | | (33,619) | | | | | | (1,947) | | | | | | (2,434) | | | | | | (2,921) | | |
Net exposure
|
| | | | (30,906) | | | | | | (1,790) | | | | | | (2,316) | | | | | | (2,842) | | |
| | |
<1 year
|
| |
1-2 years
|
| |
2-5 years
|
| |
>5 years
|
| |
Total
|
| |||||||||||||||
As of December 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans and financing
|
| | | | 60,755 | | | | | | 33,264 | | | | | | 61,285 | | | | | | — | | | | | | 155,304 | | |
Loans and financing (interest)
|
| | | | 5,972 | | | | | | 3,270 | | | | | | 6,024 | | | | | | 15,266 | | | | | | | | |
Lease liabilities
|
| | | | 12,252 | | | | | | 8,621 | | | | | | 15,740 | | | | | | 36,613 | | | | | | | | |
Suppliers and other accounts payable
|
| | | | 39,573 | | | | | | — | | | | | | — | | | | | | — | | | | | | 39,573 | | |
| | | | | 118,552 | | | | | | 45,155 | | | | | | 83,049 | | | | | | — | | | | | | 246,756 | | |
December 31, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans and financing
|
| | | | 15,216 | | | | | | 18,357 | | | | | | 40,118 | | | | | | — | | | | | | 73,691 | | |
Loans and financing (interest)
|
| | | | 1,496 | | | | | | 1,804 | | | | | | 3,944 | | | | | | — | | | | | | 7,244 | | |
Lease liabilities
|
| | | | 2,026 | | | | | | 3,523 | | | | | | 4,521 | | | | | | — | | | | | | 10,070 | | |
Suppliers and other accounts payable
|
| | | | 20,174 | | | | | | — | | | | | | — | | | | | | — | | | | | | 20,174 | | |
| | | | | 38,912 | | | | | | 23,684 | | | | | | 48,583 | | | | | | — | | | | | | 111,179 | | |
January 1, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans and financing
|
| | | | 14,287 | | | | | | 7,121 | | | | | | 12,211 | | | | | | — | | | | | | 33,619 | | |
Loans and financing (interest)
|
| | | | 1,405 | | | | | | 700 | | | | | | 1,200 | | | | | | — | | | | | | 3,305 | | |
Lease liabilities
|
| | | | 1,496 | | | | | | 1,414 | | | | | | 1,457 | | | | | | — | | | | | | 4,367 | | |
Suppliers and other accounts payable
|
| | | | 6,479 | | | | | | — | | | | | | — | | | | | | — | | | | | | 6,479 | | |
| | | | | 23,667 | | | | | | 9,235 | | | | | | 14,868 | | | | | | — | | | | | | 47,770 | | |
Combined financial information
|
| |
December 31,
2021 |
| |
December 31,
2020 |
| |
January 1,
2020 |
| |||||||||
Loans and financing
|
| | | | 155,304 | | | | | | 73,691 | | | | | | 33,619 | | |
Less: cash and cash equivalents
|
| | | | (118,918) | | | | | | (61,754) | | | | | | (12,266) | | |
Net bank loans and financing
|
| | |
|
36,386
|
| | | |
|
11,937
|
| | | |
|
21,353
|
| |
Total shareholders’ equity
|
| | | | 337,918 | | | | | | 327,194 | | | | | | 65,119 | | |
Total capital
|
| | | | 374,304 | | | | | | 339,131 | | | | | | 86,472 | | |
Leverage ratio
|
| | | | 9,72% | | | | | | 3,52% | | | | | | 24,69% | | |
| | | | | |
Combined
|
| |||||||||
| | |
Category & Fair value level
|
| |
Book value
|
| |
Market
value |
| ||||||
Financial assets | | | | | | | | | | | | | | | | |
Cash and banks
|
| |
Amortized cost – Level 1
|
| | | | 57,457 | | | | | | 57,457 | | |
Interest earning bank deposits
|
| |
Amortized cost – Level 1
|
| | | | 61,461 | | | | | | 61,461 | | |
Accounts receivable
|
| |
Amortized cost – Level 1
|
| | | | 234,288 | | | | | | 234,288 | | |
Related parties
|
| |
Amortized cost – Level 2
|
| | | | 34,726 | | | | | | 34,726 | | |
Financial liabilities | | | | | | | | | | | | | | | | |
Loans and leases liabilities
|
| |
Amortized cost – Level 2
|
| | | | 155,304 | | | | | | 155,304 | | |
Suppliers
|
| |
Amortized cost – Level 1
|
| | | | 39,573 | | | | | | 39,573 | | |
Obligations from acquisition of investment
|
| |
Amortized cost – Level 2
|
| | | | 229,408 | | | | | | 229,408 | | |
Related parties
|
| |
Amortized cost – Level 2
|
| | | | 482,161 | | | | | | 482,161 | | |
Lease liabilities
|
| |
Amortized cost – Level 2
|
| | | | 31,667 | | | | | | 31,667 | | |
| | | | | |
Combined
|
| |||||||||
| | |
Category & Fair value level
|
| |
Book value
|
| |
Market
value |
| ||||||
Financial assets | | | | | | | | | | | | | | | | |
Cash and banks
|
| |
Amortized cost – Level 1
|
| | | | 38,619 | | | | | | 38,619 | | |
Interest earning bank deposits
|
| |
Amortized cost – Level 1
|
| | | | 23,135 | | | | | | 23,135 | | |
Accounts receivable
|
| |
Amortized cost – Level 1
|
| | | | 113,353 | | | | | | 113,353 | | |
Related parties
|
| |
Amortized cost – Level 2
|
| | | | 28,318 | | | | | | 28,318 | | |
| | | | | |
Combined
|
| |||||||||
| | |
Category & Fair value level
|
| |
Book value
|
| |
Market
value |
| ||||||
Financial liabilities | | | | | | | | | | | | | | | | |
Loans and leases liabilities
|
| |
Amortized cost – Level 2
|
| | | | 73,691 | | | | | | 73,691 | | |
Suppliers
|
| |
Amortized cost – Level 1
|
| | | | 20,174 | | | | | | 20,174 | | |
Obligations from acquisition of investment
|
| |
Amortized cost – Level 2
|
| | | | 57,434 | | | | | | 57,434 | | |
Related parties
|
| |
Amortized cost – Level 2
|
| | | | 54,213 | | | | | | 54,213 | | |
Lease liabilities
|
| |
Amortized cost – Level 2
|
| | | | 8,941 | | | | | | 8,941 | | |
| | | | | |
Combined
|
| |||||||||
| | |
Category & Fair value level
|
| |
Book value
|
| |
Market
value |
| ||||||
Financial assets | | | | | | | | | | | | | | | | |
Cash and banks
|
| |
Amortized cost – Level 1
|
| | | | 9,553 | | | | | | 9,553 | | |
Interest earning bank deposits
|
| |
Amortized cost – Level 1
|
| | | | 2,713 | | | | | | 2,713 | | |
Accounts receivable
|
| |
Amortized cost – Level 1
|
| | | | 54,277 | | | | | | 54,277 | | |
Related parties
|
| |
Amortized cost – Level 2
|
| | | | 18,857 | | | | | | 18,857 | | |
Financial liabilities | | | | | | | | | | | | | | | | |
Loans and leases liabilities
|
| |
Amortized cost – Level 2
|
| | | | 33,619 | | | | | | 33,619 | | |
Suppliers
|
| |
Amortized cost – Level 1
|
| | | | 6,479 | | | | | | 6,479 | | |
Related parties
|
| |
Amortized cost – Level 2
|
| | | | 64,182 | | | | | | 64,182 | | |
Lease liabilities
|
| |
Amortized cost – Level 2
|
| | | | 4,255 | | | | | | 4,255 | | |
| | |
Combined
|
| |||||||||||||||
| | |
December 31,
2021 |
| |
December 31,
2020 |
| |
January 1,
2020 |
| |||||||||
Cash and banks
|
| | | | 57,457 | | | | | | 38,619 | | | | | | 9,553 | | |
Interest earning bank deposits
|
| | | | 61,461 | | | | | | 23,135 | | | | | | 2,713 | | |
| | | | | 118,918 | | | | | | 61,754 | | | | | | 12,266 | | |
| | |
Combined
|
| |||||||||||||||
| | |
December 31,
2021 |
| |
December 31,
2020 |
| |
January 1,
2020 |
| |||||||||
Trade notes receivable – domestic operations
|
| | | | 82,300 | | | | | | 54,458 | | | | | | 33,114 | | |
Trade notes receivable – foreign operations
|
| | | | 153,549 | | | | | | 60,796 | | | | | | 23,025 | | |
| | | | | 235,849 | | | | | | 115,254 | | | | | | 56,139 | | |
Expected credit losses
|
| | | | (1,561) | | | | | | (1,901) | | | | | | (1,862) | | |
| | | | | 234,288 | | | | | | 113,353 | | | | | | 54,277 | | |
Current
|
| | | | 234,288 | | | | | | 113,353 | | | | | | 54,277 | | |
Non-current
|
| | | | — | | | | | | — | | | | | | — | | |
| | |
Combined
|
| |||||||||||||||
| | |
December 31,
2021 |
| |
December 31,
2020 |
| |
January 1,
2020 |
| |||||||||
Prepaid Income tax and social contribution (IR/CS)
|
| | | | 4,895 | | | | | | 2,350 | | | | | | 1,907 | | |
| | | | | 4,895 | | | | | | 2,350 | | | | | | 1,907 | | |
| | |
Combined
|
| |||||||||||||||
| | |
December 31,
2021 |
| |
December 31,
2020 |
| |
January 1,
2020 |
| |||||||||
Recoverable INSS (Social security tax) withheld
|
| | | | 2,545 | | | | | | 832 | | | | | | 7,587 | | |
Recoverable PIS (Tax on sales)
|
| | | | 65 | | | | | | 171 | | | | | | 32 | | |
Recoverable COFINS (Tax on sales)
|
| | | | 299 | | | | | | 785 | | | | | | 145 | | |
Recoverable ICMS (State VAT)
|
| | | | 95 | | | | | | — | | | | | | 60 | | |
IRRF (Withholding income tax) to offset
|
| | | | 9,691 | | | | | | 6,607 | | | | | | 4,858 | | |
Other taxes recoverable
|
| | | | 613 | | | | | | 96 | | | | | | — | | |
| | | | | 13,308 | | | | | | 8,491 | | | | | | 12,682 | | |
Base date
|
| |
Target Company
|
| |
Interest acquired (%)
|
|
Jan 2020 | | | Allied International Emergency LLC, | | |
100
|
|
Sep 2020 | | | IntraCoastal Invironmental, LLC | | |
100
|
|
Sep 2020 | | | One Stop Environmental, LLC | | |
100
|
|
Dec 2020 | | |
Custom Environmental Services, INC (EUA)
|
| |
100
|
|
Jan 2021 | | | JM Serviços Integrados Ltda | | |
70
|
|
Jan 2021 | | |
Lacerda e Lacerda Serv TR Emerg Amb Ltda
|
| |
70
|
|
Jan 2021 | | | MDTEC Engenharia e Serviços Ltda | | |
100
|
|
Feb 2021 | | | Enviroclear Site Services Limited | | |
100
|
|
Feb 2021 | | | Orion Environmental Services Ltda | | |
100
|
|
June 2021 | | | EMS Environmental, Inc | | |
100
|
|
July 2021 | | | ControlPar Participações S.A. | | |
70
|
|
July 2021 | | | Swat Consulting Inc. | | |
100
|
|
July 2021 | | | Professional Emergency Resource Services | | |
100
|
|
July 2021 | | | SABI Tech S.A.S – Suatrans Chile | | |
100
|
|
August 2021 | | | Fênix Emergências Ambientais Ltda | | |
100
|
|
August 2021 | | | APW Ambiental e Transporte Ltda. | | |
100
|
|
Sep 2021 | | | Emerge Hydrovac Inc, | | |
100
|
|
Sep 2021 | | | Lynx Creek Industrial & Hydrovac Ltd, | | |
100
|
|
Sep 2021 | | |
Lehane Environmental & Industrial
Services Ltd |
| |
100
|
|
| | |
Response
|
| | | | | | | |||||||||||||||||||||
Assets and liabilities
acquired at fair value (*) |
| |
Allied
|
| |
Intracoastal
|
| |
One Stop
|
| |
CES
|
| |
TOTAL
|
| |||||||||||||||
Current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalentes
|
| | | | 1.021 | | | | | | 3.492 | | | | | | 1.898 | | | | | | 175 | | | | | | 6.586 | | |
Trade and other receivables
|
| | | | 2.543 | | | | | | 5.143 | | | | | | 9.588 | | | | | | 1.432 | | | | | | 18.706 | | |
Inventories
|
| | | | — | | | | | | 11 | | | | | | — | | | | | | 1.190 | | | | | | 1.201 | | |
Related parties loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other accounts receivables
|
| | | | 1 | | | | | | 386 | | | | | | 466 | | | | | | 289 | | | | | | 1.142 | | |
Non-current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred taxes
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other accounts receivables
|
| | | | — | | | | | | — | | | | | | 362 | | | | | | 76 | | | | | | 438 | | |
Investiments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Property, Plant and Equipment
|
| | | | 2.432 | | | | | | 3.971 | | | | | | 4.138 | | | | | | 201 | | | | | | 10.742 | | |
Intangible assets
|
| | | | — | | | | | | 12 | | | | | | — | | | | | | — | | | | | | 12 | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade and other
payables |
| | | | (287) | | | | | | (273) | | | | | | (1.668) | | | | | | (15.382) | | | | | | (17.610) | | |
Loans and Financing
|
| | | | — | | | | | | — | | | | | | (142) | | | | | | 681 | | | | | | 539 | | |
Labor Obligation
|
| | | | (15) | | | | | | (2) | | | | | | (238) | | | | | | (29) | | | | | | (284) | | |
Current income tax payable
|
| | | | (105) | | | | | | — | | | | | | — | | | | | | (63) | | | | | | (168) | | |
Related parties loans
|
| | | | — | | | | | | (14.923) | | | | | | (12.982) | | | | | | (12.159) | | | | | | (40.064) | | |
Other liabilities
|
| | | | (3) | | | | | | — | | | | | | (294) | | | | | | (4) | | | | | | (301) | | |
| | |
Response
|
| | | | | | | |||||||||||||||||||||
Assets and liabilities
acquired at fair value (*) |
| |
Allied
|
| |
Intracoastal
|
| |
One Stop
|
| |
CES
|
| |
TOTAL
|
| |||||||||||||||
Non-current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans and Financing
|
| | | | — | | | | | | (2.481) | | | | | | (5.187) | | | | | | — | | | | | | (7.668) | | |
Trade and other
payables |
| | | | (2.366) | | | | | | — | | | | | | — | | | | | | (6.639) | | | | | | (9.005) | | |
Total identifiable net
assets (liabilities) at fair value |
| | | | 3.221 | | | | | | (4.664) | | | | | | (4.059) | | | | | | (30.232) | | | | | | (35.734) | | |
Total amount of the consideration transferred
|
| | | | 43.092 | | | | | | 59.985 | | | | | | 28.687 | | | | | | 11.092 | | | | | | 142.856 | | |
(-) Cash acquired
|
| | | | (1.021) | | | | | | (3.492) | | | | | | (1.898) | | | | | | (175) | | | | | | (6.586) | | |
(-)Assumed amount of the obligation to
pay |
| | | | (26.538) | | | | | | (14.395) | | | | | | (14.146) | | | | | | (5.168) | | | | | | (60.247) | | |
Cash paid, net of cash received (**)
|
| | | | 15.533 | | | | | | 42.098 | | | | | | 12.643 | | | | | | 5.749 | | | | | | 76.023 | | |
Determining goodwill from expected future profitability (*)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total amount of the consideration transferred, Net
|
| | | | 43.092 | | | | | | 59.985 | | | | | | 28.687 | | | | | | 11.092 | | | | | | 142.856 | | |
Total amount of
identifiable net (assets) liabilities |
| | | | (3.221) | | | | | | 4.664 | | | | | | 4.059 | | | | | | 30.232 | | | | | | 35.734 | | |
Goodwill paid resulting from expected future profitability
|
| | | | 39.871 | | | | | | 64.649 | | | | | | 32.746 | | | | | | 41.324 | | | | | | 178.590 | | |
Date of acquisition
|
| |
29/01/2020
|
| |
29/09/2020
|
| |
29/09/2020
|
| |
31/12/2020
|
| | | | — | | | ||||||||||||
Control start date
|
| |
01/01/2020
|
| |
30/09/2020
|
| |
30/09/2020
|
| |
31/12/2020
|
| | | | — | | | ||||||||||||
Company that acquired control
|
| |
Ambipar Holding USA
|
| |
Ambipar Holding USA
|
| |
Ambipar Holding USA
|
| |
Ambipar Holding USA
|
| | | | — | | | ||||||||||||
Value of acquisition
|
| |
USD 8.453
|
| |
USD 10.634
|
| |
USD 5.086
|
| |
USD 1.935
|
| | | | — | | | ||||||||||||
Percentage acquired
|
| |
100%
|
| |
100%
|
| |
100%
|
| |
100%
|
| | | | — | | |
| | |
Response
|
| | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and liabilities
acquired at fair value (*) |
| |
Enviroclear
|
| |
Orion
(Canadá) |
| |
EMS
Environmental |
| |
SABI
|
| |
SWAT
|
| |
Controlpar
|
| |
PERS
|
| |
Lynx
|
| |
Emerge
|
| |
Lehane
|
| |
Others (***)
|
| |
Total
2021 |
| ||||||||||||||||||||||||||||||||||||
Current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalentes
|
| | | | 1.718 | | | | | | (2.548) | | | | | | 736 | | | | | | 72 | | | | | | 12.546 | | | | | | 6.459 | | | | | | 2.033 | | | | | | 552 | | | | | | 2.206 | | | | | | 6.798 | | | | | | 3.401 | | | | |
|
33.973
|
| |
Trade and other receivables
|
| | | | 22.409 | | | | | | 11.165 | | | | | | 3.916 | | | | | | 4.489 | | | | | | 1.674 | | | | | | 8.338 | | | | | | 471 | | | | | | 6.230 | | | | | | 8.746 | | | | | | 6.252 | | | | | | 2.055 | | | | |
|
75.745
|
| |
Inventories
|
| | | | 190 | | | | | | — | | | | | | — | | | | | | 503 | | | | | | — | | | | | | 236 | | | | | | 38 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
967
|
| |
Related parties loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8.933 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 246 | | | | |
|
9.179
|
| |
| | | | | 983 | | | | | | 2.498 | | | | | | 63 | | | | | | 19 | | | | | | 454 | | | | | | 9.584 | | | | | | 7 | | | | | | — | | | | | | 24 | | | | | | 1.927 | | | | | | 1.223 | | | | | | 16.782 | | |
Non-Current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred taxes
|
| | | | — | | | | | | 1.133 | | | | | | — | | | | | | 10 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 728 | | | | | | — | | | | |
|
1.871
|
| |
| | | | | — | | | | | | — | | | | | | 48 | | | | | | 1.103 | | | | | | 4 | | | | | | 1.143 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2.298 | | |
Investiments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4.055 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
4.055
|
| |
Property, Plant and Equipment
|
| | | | 32.518 | | | | | | 39.685 | | | | | | 1.041 | | | | | | 2.322 | | | | | | 3.060 | | | | | | 5.787 | | | | | | 199 | | | | | | 6.024 | | | | | | 14.077 | | | | | | 24.137 | | | | | | 5.933 | | | | |
|
134.783
|
| |
Intangible assets
|
| | | | 1.572 | | | | | | — | | | | | | — | | | | | | 3.611 | | | | | | — | | | | | | 1.195 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
6.378
|
| |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade and other payables
|
| | | | (9.269) | | | | | | (7.377) | | | | | | (624) | | | | | | (1.108) | | | | | | (586) | | | | | | (2.719) | | | | | | (5) | | | | | | (2.533) | | | | | | (3.300) | | | | | | (2.070) | | | | | | (874) | | | | |
|
(30.465)
|
| |
Loans and Financing
|
| | | | (11.857) | | | | | | (27.550) | | | | | | — | | | | | | (2.095) | | | | | | — | | | | | | (3.396) | | | | | | — | | | | | | (77) | | | | | | (21) | | | | | | — | | | | | | (1.119) | | | | |
|
(46.115)
|
| |
Labor obligation
|
| | | | (1.533) | | | | | | (524) | | | | | | — | | | | | | (856) | | | | | | — | | | | | | (3.354) | | | | | | (360) | | | | | | (143) | | | | | | — | | | | | | — | | | | | | (257) | | | | |
|
(7.027)
|
| |
Current income tax payable
|
| | | | (3.987) | | | | | | (2.839) | | | | | | — | | | | | | (695) | | | | | | 22 | | | | | | (3.016) | | | | | | (4) | | | | | | (865) | | | | | | (94) | | | | | | (953) | | | | | | (4.102) | | | | |
|
(16.533)
|
| |
Related parties loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | (122) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (239) | | | | |
|
(361)
|
| |
Other liabilities
|
| | | | (10.949) | | | | | | (1.107) | | | | | | 1 | | | | | | (375) | | | | | | (36.242) | | | | | | (2.145) | | | | | | (124) | | | | | | (36) | | | | | | — | | | | | | (380) | | | | | | (1.516) | | | | |
|
(53.473)
|
| |
Non-current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans and Financing
|
| | | | (4.699) | | | | | | (6.906) | | | | | | — | | | | | | (3.083) | | | | | | — | | | | | | (2.210) | | | | | | — | | | | | | (1.849) | | | | | | (1.860) | | | | | | — | | | | | | — | | | | |
|
(20.607)
|
| |
Trade and other payables
|
| | | | (13.230) | | | | | | (3.492) | | | | | | — | | | | | | (945) | | | | | | (1.644) | | | | | | (216) | | | | | | — | | | | | | (1.809) | | | | | | (10.581) | | | | | | — | | | | | | — | | | | |
|
(31.917)
|
| |
Total identifiable net assets (liabilities) at fair value
|
| | | | 3.866 | | | | | | 1.538 | | | | | | 5.181 | | | | | | 2.972 | | | | | | (20.712) | | | | | | 28.552 | | | | | | 2.255 | | | | | | 5.494 | | | | | | 9.197 | | | | | | 36.439 | | | | | | 4.751 | | | | | | 79.533 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | |
Net amount of assets acquired and liabilities assumed at fair
value: |
| | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
— Attributable to the Controlling Shareholders of the Group
|
| | | | 3.866 | | | | | | 1.538 | | | | | | 5.181 | | | | | | 2.972 | | | | | | (20.712) | | | | | | 19.986 | | | | | | 2.255 | | | | | | 5.494 | | | | | | 9.197 | | | | | | 36.439 | | | | | | 4.301 | | | | | | 70.517 | | |
— attributable to the non-controlling Shareholders of the Group
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8.566 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 450 | | | | | | 9.016 | | |
Total amount of the consideration transferred
|
| | | | 36.534 | | | | | | 72.390 | | | | | | 15.006 | | | | | | 13.363 | | | | | | 23.201 | | | | | | 61.946 | | | | | | 27.144 | | | | | | 18.922 | | | | | | 28.300 | | | | | | 51.923 | | | | | | 43.624 | | | | |
|
392.353
|
| |
(-) Cash acquired
|
| | | | (1.718) | | | | | | 2.548 | | | | | | (736) | | | | | | (72) | | | | | | (12.546) | | | | | | (6.459) | | | | | | (2.033) | | | | | | (552) | | | | | | (2.206) | | | | | | (6.798) | | | | | | (3.401) | | | | |
|
(33.973)
|
| |
| | |
Response
|
| | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and liabilities
acquired at fair value (*) |
| |
Enviroclear
|
| |
Orion
(Canadá) |
| |
EMS
Environmental |
| |
SABI
|
| |
SWAT
|
| |
Controlpar
|
| |
PERS
|
| |
Lynx
|
| |
Emerge
|
| |
Lehane
|
| |
Others (***)
|
| |
Total
2021 |
| ||||||||||||||||||||||||||||||||||||
(-) Assumed amount of the obligation to pay
|
| | | | (22.059) | | | | | | (55.297) | | | | | | (11.255) | | | | | | — | | | | | | (13.598) | | | | | | (31.946) | | | | | | (13.572) | | | | | | (9.461) | | | | | | (14.150) | | | | | | (15.588) | | | | | | (28.745) | | | | |
|
(215.671)
|
| |
Cash paid, net of cash received (**)
|
| | | | 12.757 | | | | | | 19.641 | | | | | | 3.015 | | | | | | 13.291 | | | | | | (2.943) | | | | | | 23.541 | | | | | | 11.539 | | | | | | 8.909 | | | | | | 11.944 | | | | | | 29.537 | | | | | | 11.478 | | | | | | 142.709 | | |
Determining goodwill from expected future profitability (*) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total amount of the consideration transferred, Net
|
| | | | 36.534 | | | | | | 72.390 | | | | | | 15.006 | | | | | | 13.363 | | | | | | 23.201 | | | | | | 61.946 | | | | | | 27.144 | | | | | | 18.922 | | | | | | 28.300 | | | | | | 51.923 | | | | | | 43.624 | | | | |
|
392.353
|
| |
Net amount of the identifiable assets acquired and the liabilities assumed attributable to the Controlling Shareholders of the Group
|
| | | | (3.866) | | | | | | (1.538) | | | | | | (5.181) | | | | | | (2.972) | | | | | | 20.712 | | | | | | (19.986) | | | | | | (2.255) | | | | | | (5.494) | | | | | | (9.197) | | | | | | (36.439) | | | | | | (4.301) | | | | |
|
(70.517)
|
| |
Goodwill paid resulting from expected future profitability
|
| | | | 32.668 | | | | | | 70.852 | | | | | | 9.825 | | | | | | 10.391 | | | | | | 43.913 | | | | | | 41.960 | | | | | | 24.889 | | | | | | 13.428 | | | | | | 19.103 | | | | | | 15.484 | | | | | | 39.323 | | | | | | 321.836 | | |
Date of acquisition
|
| |
04/02/2021
|
| |
11/02/2021
|
| |
25/06/2021
|
| |
04/07/2021
|
| |
06/07/2021
|
| |
29/07/2021
|
| |
30/07/2021
|
| |
01/09/2021
|
| |
08/09/2021
|
| |
20/09/2021
|
| |
(***)
|
| | | | — | | | |||||||||||||||||||||||||||||||||
| | |
02/2021
|
| |
02/2021
|
| |
06/2021
|
| |
07/2021
|
| |
07/2021
|
| |
07/2021
|
| |
07/2021
|
| |
09/2021
|
| |
09/2021
|
| |
09/2021
|
| |
(***)
|
| | | | — | | | |||||||||||||||||||||||||||||||||
Company that acquired control
|
| |
Ambipar
Holdings UK |
| |
Ambipar
Holding Canadá |
| |
Ambipar
Holding USA, Inc. |
| |
Suatrans
Chile S.A. |
| |
Ambipar
Holding USA, Inc. |
| |
Emergência
Participações S.A. |
| |
Ambipar
Holding USA, Inc. |
| |
Ambipar
Holding Canadá Inc. |
| |
Ambipar
Holding Canadá Inc. |
| |
Ambipar
Holdings UK Limited. |
| |
Emergência
Participações S.A. |
| | | | — | | | |||||||||||||||||||||||||||||||||
Aquisition Value
|
| |
£4.649
|
| |
CAD 15.971
|
| |
U$3.000
|
| |
CLP 1.949.895
|
| |
U$4.530
|
| |
R$61.946
|
| |
U$5.300
|
| |
CAD 4.407
|
| |
CAD 6.592
|
| |
€8.244
|
| |
R$43.624
|
| | | | — | | | |||||||||||||||||||||||||||||||||
Percentage acquired
|
| |
100%
|
| |
100%
|
| |
100%
|
| |
100%
|
| |
100%
|
| |
70%
|
| |
100%
|
| |
100%
|
| |
100%
|
| |
100%
|
| |
Controle
|
| | | | — | | |
| | |
2021
|
| |
2020
|
| ||||||||||||||||||
| | |
Net
Revenue |
| |
Profit for
the year |
| |
Net
Revenue |
| |
Profit for
the year |
| ||||||||||||
JM Serviços Integrados Ltda
|
| | | | 15,415 | | | | | | (1,190) | | | | | | — | | | | | | — | | |
Lacerda e Lacerda Serv TR Emerg Amb Ltda
|
| | | | 18.040 | | | | | | 7,846 | | | | | | — | | | | | | — | | |
MDTEC Engenharia e Serviços Ltda
|
| | | | 6.851 | | | | | | (1,184) | | | | | | — | | | | | | — | | |
Enviroclear Site Services Limited
|
| | | | 85,412 | | | | | | 3,596 | | | | | | — | | | | | | — | | |
Orion Environmental Services Ltd.
|
| | | | 87,932 | | | | | | 26,927 | | | | | | — | | | | | | — | | |
EMS Environmental, Inc
|
| | | | 5,540 | | | | | | (532) | | | | | | — | | | | | | — | | |
ControlPar Participações S.A.
|
| | | | 34,301 | | | | | | 4,519 | | | | | | — | | | | | | — | | |
Swat Consulting Inc.
|
| | | | 5,780 | | | | | | (983) | | | | | | — | | | | | | — | | |
Professional Emergency Resource Services
|
| | | | 8.383 | | | | | | (1,042) | | | | | | — | | | | | | — | | |
SABI Tech S.A.S – Suatrans Chile
|
| | | | 8,587 | | | | | | (611) | | | | | | — | | | | | | — | | |
Fênix Emergências Ambientais Ltda
|
| | | | 754 | | | | | | 538 | | | | | | — | | | | | | — | | |
APW Ambiental e Transporte Ltda.
|
| | | | 265 | | | | | | 292 | | | | | | — | | | | | | — | | |
Emerge Hydrovac Inc.
|
| | | | 11,761 | | | | | | 4,513 | | | | | | — | | | | | | — | | |
Lynx Creek Industrial & Hydrovac Ltd.
|
| | | | 6.132 | | | | | | 1,879 | | | | | | — | | | | | | — | | |
Lehane Environmental & Industrial Services Ltd
|
| | | | 7.723 | | | | | | 10,879 | | | | | | — | | | | | | — | | |
Allied International Emergency LLC.
|
| | | | — | | | | | | — | | | | | | 40,535 | | | | | | 4,380 | | |
IntraCoastal Invironmental, LLC
|
| | | | — | | | | | | — | | | | | | 6,968 | | | | | | 1.617 | | |
One Stop Environmental, LLC
|
| | | | — | | | | | | — | | | | | | 21,682 | | | | | | 3.487 | | |
Custom Environmental Services, INC (EUA) (*)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | | 302,876 | | | | | | 55,447 | | | | | | 69,185 | | | | | | 9,484 | | |
| | |
2021
|
| |
2020
|
| ||||||
Net Revenue
|
| | | | 1,003,206 | | | | | | 459,392 | | |
Profit for the year
|
| | | | 153,716 | | | | | | 76,240 | | |
| | |
2021
|
| |||||||||
| | |
Valor
|
| |
%
|
| ||||||
Controlpar
|
| | | | 8,566 | | | | | | 30 | | |
JM Serviços
|
| | | | 1,853 | | | | | | 30 | | |
Lacerda & Lacerda
|
| | | | (1,403) | | | | | | 30 | | |
Total
|
| | | | 9,016 | | | | | | | | |
Year of maturity
|
| |
Combined
|
| |||
2022
|
| | | | 134,107 | | |
2023
|
| | | | 74,258 | | |
2024
|
| | | | 21,043 | | |
| | | | | 229,408 | | |
|
Current
|
| | | | 128,130 | | |
|
Non-current
|
| | | | 101,278 | | |
| | |
December 31, 2021
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Buildings
|
| |
Facilities
|
| |
Machinery and
equipment |
| |
IT
equipment |
| |
Furniture and
fixtures |
| |
Vehicles
|
| |
Leasehold
improvements |
| |
Works in
progress |
| |
Vessels
|
| |
Right-of-
use assets |
| |
Other
|
| |
Total
|
| ||||||||||||||||||||||||||||||||||||
Cost | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Opening balance
|
| | | | 1,566 | | | | | | 153 | | | | | | 88,963 | | | | | | 3,185 | | | | | | 3,561 | | | | | | 70,905 | | | | | | 6,631 | | | | | | 4,562 | | | | | | 5,132 | | | | | | 24,559 | | | | | | 2 | | | | | | 209,219 | | |
Transfers
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Additions
|
| | | | 63 | | | | | | 1 | | | | | | 32,915 | | | | | | 1,290 | | | | | | 210 | | | | | | 35,742 | | | | | | 186 | | | | | | 41,822 | | | | | | 818 | | | | | | 28,742 | | | | | | — | | | | | | 141,789 | | |
Write-offs
|
| | | | (2,638) | | | | | | (366) | | | | | | (10,379) | | | | | | (252) | | | | | | (117) | | | | | | (5,912) | | | | | | — | | | | | | (75) | | | | | | (20) | | | | | | — | | | | | | (2) | | | | | | (19,761) | | |
Business combination (*)
|
| | | | 20,163 | | | | | | 441 | | | | | | 84,795 | | | | | | 2,276 | | | | | | 3,192 | | | | | | 165,078 | | | | | | 3,255 | | | | | | 132 | | | | | | — | | | | | | 3,851 | | | | | | — | | | | | | 283,183 | | |
Exchange-rate change
|
| | | | 1,558 | | | | | | — | | | | | | 1,690 | | | | | | 4 | | | | | | 269 | | | | | | (143) | | | | | | 156 | | | | | | — | | | | | | 154 | | | | | | (1,166) | | | | | | — | | | | | | 2,522 | | |
Balance
|
| | | | 20,712 | | | | | | 229 | | | | | | 197,984 | | | | | | 6,503 | | | | | | 7,115 | | | | | | 265,670 | | | | | | 10,228 | | | | | | 46,441 | | | | | | 6,084 | | | | | | 55,986 | | | | |
|
—
|
| | | | | 616,952 | | |
Accumulated depreciation | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Opening balance
|
| | | | (1,091) | | | | | | (44) | | | | | | (52,829) | | | | | | (1,404) | | | | | | (2,917) | | | | | | (30,557) | | | | | | (1,487) | | | | | | — | | | | | | (1,623) | | | | | | (14,484) | | | | | | (2) | | | | | | (106,438) | | |
Depreciation
|
| | | | (756) | | | | | | (17) | | | | | | (15,532) | | | | | | (785) | | | | | | (330) | | | | | | (32,548) | | | | | | (1,418) | | | | | | — | | | | | | (201) | | | | | | (8,456) | | | | | | — | | | | | | (60,043) | | |
Write-offs
|
| | | | 18 | | | | | | 416 | | | | | | 12,176 | | | | | | 252 | | | | | | 47 | | | | | | 11,580 | | | | | | 108 | | | | | | — | | | | | | 960 | | | | | | 1,025 | | | | | | 2 | | | | | | 26,584 | | |
Business combination (*)
|
| | | | (4,238) | | | | | | (419) | | | | | | (42,688) | | | | | | (1,156) | | | | | | (1,789) | | | | | | (91,891) | | | | | | (2,369) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (144,550) | | |
Exchange-rate change
|
| | | | 116 | | | | | | — | | | | | | (2,351) | | | | | | (6) | | | | | | (243) | | | | | | 667 | | | | | | (123) | | | | | | — | | | | | | (99) | | | | | | 1,155 | | | | | | — | | | | | | (884) | | |
Balance
|
| | |
|
(5,951)
|
| | | |
|
(64)
|
| | | |
|
(101,224)
|
| | | |
|
(3,099)
|
| | | |
|
(5,232)
|
| | | |
|
(142,749)
|
| | | |
|
(5,289)
|
| | | |
|
—
|
| | | |
|
(963)
|
| | | |
|
(20,760)
|
| | | |
|
—
|
| | | |
|
(285,331)
|
| |
Cost
|
| | | | 20,712 | | | | | | 229 | | | | | | 197,984 | | | | | | 6,503 | | | | | | 7,115 | | | | | | 265,670 | | | | | | 10,228 | | | | | | 46,441 | | | | | | 6,084 | | | | | | 55,986 | | | | | | — | | | | | | 616,952 | | |
Depreciation and amortization
|
| | | | (5,951) | | | | | | (64) | | | | | | (101,224) | | | | | | (3,099) | | | | | | (5,232) | | | | | | (142,749) | | | | | | (5,289) | | | | | | — | | | | | | (963) | | | | | | (20,760) | | | | | | — | | | | | | (285,331) | | |
| | | | | 14,761 | | | | | | 165 | | | | | | 96,760 | | | | | | 3,404 | | | | | | 1,883 | | | | | | 122,921 | | | | | | 4,939 | | | | | | 46,441 | | | | | | 5,121 | | | | | | 35,226 | | | | | | — | | | | | | 331,621 | | |
| | |
December 31, 2020
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Buildings
|
| |
Facilities
|
| |
Machinery and
equipment |
| |
IT
equipment |
| |
Furniture and
fixtures |
| |
Vehicles
|
| |
Leasehold
improvements |
| |
Works in
progress |
| |
Vessels
|
| |
Right-of-
use assets |
| |
Other
|
| |
Total
|
| ||||||||||||||||||||||||||||||||||||
Cost | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Opening balance
|
| | | | 1,102 | | | | | | 135 | | | | | | 57,403 | | | | | | 1,590 | | | | | | 1,032 | | | | | | 32,828 | | | | | | 6,421 | | | | | | 438 | | | | | | 2,607 | | | | | | 13,903 | | | | | | — | | | | | | 117,459 | | |
Additions
|
| | | | 83 | | | | | | 18 | | | | | | 13,068 | | | | | | 1,356 | | | | | | 192 | | | | | | 26,171 | | | | | | 28 | | | | | | 4,124 | | | | | | 625 | | | | | | 8,464 | | | | | | — | | | | | | 54,129 | | |
Write-offs
|
| | | | — | | | | | | — | | | | | | (10,809) | | | | | | — | | | | | | (32) | | | | | | (2,066) | | | | | | — | | | | | | — | | | | | | — | | | | | | (963) | | | | | | — | | | | | | (13,870) | | |
Business combination (*)
|
| | | | — | | | | | | — | | | | | | 18,476 | | | | | | 170 | | | | | | 2,202 | | | | | | 14,531 | | | | | | 186 | | | | | | — | | | | | | 2,062 | | | | | | — | | | | | | 2 | | | | | | 37,629 | | |
Exchange-rate change
|
| | | | 381 | | | | | | — | | | | | | 10,825 | | | | | | 69 | | | | | | 167 | | | | | | (559) | | | | | | (4) | | | | | | — | | | | | | (162) | | | | | | 3,155 | | | | | | — | | | | | | 13,872 | | |
Balance
|
| | | | 1,566 | | | | | | 153 | | | | | | 88,963 | | | | | | 3,185 | | | | | | 3,561 | | | | | | 70,905 | | | | | | 6,631 | | | | | | 4,562 | | | | | | 5,132 | | | | | | 24,559 | | | | | | 2 | | | | | | 209,219 | | |
Accumulated depreciation | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Opening balance
|
| | | | (691) | | | | | | (17) | | | | | | (38,990) | | | | | | (943) | | | | | | (673) | | | | | | (15,857) | | | | | | (45) | | | | | | — | | | | | | (144) | | | | | | (10,375) | | | | | | — | | | | | | (67,735) | | |
Depreciation
|
| | | | (186) | | | | | | (27) | | | | | | (11,572) | | | | | | (289) | | | | | | (91) | | | | | | (7,216) | | | | | | (1,275) | | | | | | — | | | | | | (152) | | | | | | (1,479) | | | | | | — | | | | | | (22,467) | | |
Write-offs
|
| | | | 10 | | | | | | — | | | | | | 16,312 | | | | | | — | | | | | | 43 | | | | | | 2,830 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,040 | | | | | | — | | | | | | 20,235 | | |
Business combination (*)
|
| | | | — | | | | | | — | | | | | | (12,516) | | | | | | (119) | | | | | | (2,070) | | | | | | (10,568) | | | | | | (169) | | | | | | — | | | | | | (1,442) | | | | | | — | | | | | | (2) | | | | | | (26,886) | | |
Exchange-rate change
|
| | | | (224) | | | | | | — | | | | | | (5,883) | | | | | | (53) | | | | | | (126) | | | | | | 254 | | | | | | 2 | | | | | | — | | | | | | 115 | | | | | | (3,670) | | | | | | — | | | | | | (9,585) | | |
Balance
|
| | |
|
(1,091)
|
| | | |
|
(44)
|
| | | |
|
(52,829)
|
| | | |
|
(1,404)
|
| | | |
|
(2,917)
|
| | | |
|
(30,557)
|
| | | |
|
(1,487)
|
| | | |
|
—
|
| | | |
|
(1,623)
|
| | | |
|
(14,484)
|
| | | |
|
(2)
|
| | | |
|
(106,438)
|
| |
Cost
|
| | | | 1,566 | | | | | | 153 | | | | | | 88,963 | | | | | | 3,185 | | | | | | 3,561 | | | | | | 70,905 | | | | | | 6,631 | | | | | | 4,562 | | | | | | 5,132 | | | | | | 24,559 | | | | | | 2 | | | | | | 209,219 | | |
Depreciation and amortization
|
| | | | (1,091) | | | | | | (44) | | | | | | (52,829) | | | | | | (1,404) | | | | | | (2,917) | | | | | | (30,557) | | | | | | (1,487) | | | | | | — | | | | | | (1,623) | | | | | | (14,484) | | | | | | (2) | | | | | | (106,438) | | |
| | | | | 475 | | | | | | 109 | | | | | | 36,134 | | | | | | 1,781 | | | | | | 644 | | | | | | 40,348 | | | | | | 5,144 | | | | | | 4,562 | | | | | | 3,509 | | | | | | 10,075 | | | | | | — | | | | | | 102,781 | | |
Assets
|
| |
Useful life
(in years) |
| |
Annual
weighted average rate (%) |
| ||||||
Leasehold improvements
|
| | | | 3 – 10 | | | | | | 19,08 | | |
Buildings
|
| | | | 10 – 25 | | | | | | 4,00 | | |
Vessels
|
| | | | 18 – 20 | | | | | | 5,25 | | |
Tools
|
| | | | 5 – 10 | | | | | | 15,00 | | |
Equipment
|
| | | | 3 – 10 | | | | | | 21,44 | | |
Facilities
|
| | | | 3 – 10 | | | | | | 14,17 | | |
Software license
|
| | | | 5 | | | | | | 21,90 | | |
Machinery and equipment
|
| | | | 3 – 10 | | | | | | 15,75 | | |
Machinery and equipment – fleets
|
| | | | 2,5 – 10 | | | | | | 19,60 | | |
Furniture and fixtures
|
| | | | 3 – 10 | | | | | | 14,07 | | |
Software
|
| | | | 3 – 5 | | | | | | 20,00 | | |
Vehicles
|
| | | | 3 – 25 | | | | | | 21,33 | | |
Vehicles – Fleet
|
| | | | 4 – 30 | | | | | | 14,83 | | |
In percent
|
| |
%
|
| |||
Discount rate
|
| | | | 20,19 | | |
Terminal value growth rate
|
| | | | 3,4 | | |
| | |
Opening
balance on January 1, 2021 |
| |
Business
Combination |
| |
New
agreements |
| |
Depreciation
|
| |
Cost
|
| |
Accumulated
depreciation |
| |
Net value
|
| |||||||||||||||||||||
Right-of-use
|
| | | | 10,075 | | | | | | 3,851 | | | | | | 28,601 | | | | | | (7,301) | | | | | | 55,986 | | | | | | (20,760) | | | | | | 35,226 | | |
| | | | | 10,075 | | | | | | 3,851 | | | | | | 28,601 | | | | | | (7,301) | | | | | | 55,986 | | | | | | (20,760) | | | | | | 35,226 | | |
| | |
Opening
balance on January 1, 2020 |
| |
Business
Combination |
| |
New
agreements |
| |
Depreciation
|
| |
Cost
|
| |
Accumulated
depreciation |
| |
Net value
|
| |||||||||||||||||||||
Right-of-use
|
| | | | 3,528 | | | | | | — | | | | | | 9,177 | | | | | | (2,630) | | | | | | 24,559 | | | | | | (14,484) | | | | | | 10,075 | | |
| | | | | 3,528 | | | | | | — | | | | | | 9,177 | | | | | | (2,630) | | | | | | 24,559 | | | | | | (14,484) | | | | | | 10,075 | | |
| | | | | | | | |
Combined – December 31, 2021
|
| |||||||||||||||||||||||||||||||||
| | |
Trademarks and
patents |
| |
Software
|
| |
Client
portfolio |
| |
Goodwill
|
| |
Others
|
| |
Research and
development |
| |
Total
|
| |||||||||||||||||||||
Cost | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Opening balance
|
| | | | 1,087 | | | | | | 2,454 | | | | | | 351 | | | | | | 221,466 | | | | | | 853 | | | | | | 221 | | | | | | 226,432 | | |
Additions
|
| | | | 139 | | | | | | 1,683 | | | | | | — | | | | | | 321,836 | | | | | | — | | | | | | — | | | | |
|
323,658
|
| |
Write-offs
|
| | | | — | | | | | | (455) | | | | | | — | | | | | | — | | | | | | — | | | | | | (232) | | | | |
|
(687)
|
| |
Business combination
|
| | | | 1,089 | | | | | | 5,594 | | | | | | 1,800 | | | | | | — | | | | | | — | | | | | | — | | | | |
|
8,483
|
| |
Exchange-rate change
|
| | | | — | | | | | | 77 | | | | | | (77) | | | | | | 41,591 | | | | | | — | | | | | | 11 | | | | |
|
41,602
|
| |
Closing balance
|
| | | | 2,315 | | | | | | 9,353 | | | | | | 2,074 | | | | | | 584,893 | | | | | | 853 | | | | | | — | | | | | | 599,488 | | |
Accumulated amortization | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Opening balances
|
| | | | — | | | | | | (1,615) | | | | | | — | | | | | | — | | | | | | — | | | | | | (210) | | | | | | (1,825) | | |
Amortization
|
| | | | — | | | | | | (120) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(120)
|
| |
Write-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 219 | | | | |
|
219
|
| |
Business combination
|
| | | | — | | | | | | (1,877) | | | | | | (228) | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(2,105)
|
| |
Exchange-rate change
|
| | | | — | | | | | | (280) | | | | | | 10 | | | | | | — | | | | | | — | | | | | | (9) | | | | |
|
(279)
|
| |
Closing balances
|
| | | | — | | | | | | (3,892) | | | | | | (218) | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,110) | | |
Cost
|
| | | | 2,315 | | | | | | 9,353 | | | | | | 2,074 | | | | | | 584,893 | | | | | | 853 | | | | | | — | | | | |
|
599,488
|
| |
Accumulated amortization
|
| | | | — | | | | | | (3,892) | | | | | | (218) | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(4,110)
|
| |
| | | | | 2,315 | | | | | | 5,461 | | | | | | 1,856 | | | | | | 584,893 | | | | | | 853 | | | | | | — | | | | | | 595,378 | | |
| | | | | | | | |
Combined – December 31, 2020
|
| |||||||||||||||||||||||||||||||||
| | |
Trademarks and
patents |
| |
Right-of-
use of software |
| |
Client
portfolio |
| |
Goodwill
|
| |
Others
|
| |
Research and
development |
| |
Total
|
| |||||||||||||||||||||
Cost | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Opening balance
|
| | | | 1,417 | | | | | | 1,123 | | | | | | 351 | | | | | | 41,244 | | | | | | 853 | | | | | | — | | | | | | 44,988 | | |
Transfers
|
| | | | (1,196) | | | | | | 1,196 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Additions
|
| | | | 314 | | | | | | 49 | | | | | | — | | | | | | 178,590 | | | | | | — | | | | |
|
—
|
| | | |
|
178,953
|
| |
Initial assets
|
| | | | — | | | | | | 64 | | | | | | — | | | | | | — | | | | | | — | | | | |
|
240
|
| | | |
|
304
|
| |
Exchange-rate change
|
| | | | 552 | | | | | | 22 | | | | | | — | | | | | | 1,632 | | | | | | — | | | | |
|
(19)
|
| | | |
|
2,187
|
| |
Closing balance
|
| | | | 1,087 | | | | | | 2,454 | | | | | | 351 | | | | | | 221,466 | | | | | | 853 | | | | | | 221 | | | | | | 226,432 | | |
Accumulated amortization | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Opening balances
|
| | | | — | | | | | | (1,106) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,106) | | |
Amortization
|
| | | | — | | | | | | (52) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(52)
|
| |
Initial assets
|
| | | | — | | | | | | (64) | | | | | | — | | | | | | — | | | | | | — | | | | | | (228) | | | | |
|
(292)
|
| |
| | | | | | | | |
Combined – December 31, 2020
|
| |||||||||||||||||||||||||||||||||
| | |
Trademarks and
patents |
| |
Right-of-
use of software |
| |
Client
portfolio |
| |
Goodwill
|
| |
Others
|
| |
Research and
development |
| |
Total
|
| |||||||||||||||||||||
Exchange-rate change
|
| | | | — | | | | | | (393) | | | | | | — | | | | | | — | | | | | | — | | | | | | 18 | | | | |
|
(375)
|
| |
Closing balances
|
| | | | — | | | | | | (1,615) | | | | | | — | | | | | | — | | | | | | — | | | | | | (210) | | | | | | (1,825) | | |
Cost
|
| | | | 1,087 | | | | | | 2,454 | | | | | | 351 | | | | | | 221,466 | | | | | | 853 | | | | | | 221 | | | | |
|
226,432
|
| |
Accumulated amortization
|
| | | | — | | | | | | (1,615) | | | | | | — | | | | | | — | | | | | | — | | | | | | (210) | | | | |
|
(1,825)
|
| |
| | | | | 1,087 | | | | | | 839 | | | | | | 351 | | | | | | 221,466 | | | | | | 853 | | | | | | 11 | | | | | | 224,607 | | |
|
Carrying amounts
|
| |
December 31,
2021 |
| |
December 31,
2020 |
| ||||||
Indefinite life
|
| | | | 588,061 | | | | | | 223,406 | | |
Definite life
|
| | | | 7,317 | | | | | | 1,201 | | |
| | | | | 595.378 | | | | | | 224.607 | | |
Assets
|
| |
Useful life
(in years) |
| |
Annual
amortization rate (%) |
| ||||||
Trademarks and patents (*) | | | | | | | | | | | | | |
Right-of-use of software
|
| | | | 5 | | | | | | 20% | | |
Research and development
|
| | | | 2 | | | | | | 50% | | |
Goodwill (*) | | | | | | | | | | | | | |
Client portfolio
|
| | | | 2 | | | | | | 50% | | |
| | | | | | | | | | | |
Combined
|
| |||||||||||||||||||||||||||||||||
| | | | | | | | | | | |
December 31, 2021
|
| |
December 31, 2020
|
| |
January 1, 2020
|
| |||||||||||||||||||||||||||
Description
|
| |
Financial
charges – % p,a, (*) |
| |
Maturity
|
| |
Current
|
| |
Non-
current |
| |
Current
|
| |
Non-
current |
| |
Current
|
| |
Non-
current |
| |||||||||||||||||||||
Working capital
|
| | | | 9,02 | | | |
July 2026
|
| | | | 44,181 | | | | | | 44,792 | | | | | | 6,701 | | | | | | 18,798 | | | | | | 10,379 | | | | | | 3,864 | | |
Investment financing
|
| | | | 10,64 | | | |
June 2027
|
| | | | 14,973 | | | | | | 46,028 | | | | | | 8,422 | | | | | | 39,372 | | | | | | 3,692 | | | | | | 15,393 | | |
Financial leases liabilities
|
| | | | 7,98 | | | |
November 2025
|
| | | | 1,601 | | | | | | 3,729 | | | | | | 93 | | | | | | 305 | | | | | | 216 | | | | | | 75 | | |
| | | | | | | | | | | | | | 60,755 | | | | | | 94,549 | | | | | | 15,216 | | | | | | 58,475 | | | | | | 14,287 | | | | | | 19,332 | | |
| | |
(R$)
|
| |||
Balance at January 1, 2021
|
| | | | 73,691 | | |
Borrowing
|
| | | | 50,620 | | |
Interest expense
|
| | | | 7,454 | | |
Principal paid
|
| | | | (52,152) | | |
Interest paid
|
| | | | (5,985) | | |
Business Combination
|
| | | | 59,456 | | |
Cash for asset acquisition – non-cash event
|
| | | | 19,818 | | |
The effect of changes in foreign exchange rates
|
| | | | 2,402 | | |
Balance at December 31, 2021
|
| | | | 155,304 | | |
| | |
(R$)
|
| |||
Balance at January 1, 2020
|
| | | | 33,619 | | |
Borrowing
|
| | | | 22,415 | | |
Interest expense
|
| | | | 3,186 | | |
Principal paid
|
| | | | (23,547) | | |
Interest paid
|
| | | | (2,722) | | |
Business Combination
|
| | | | 7,129 | | |
Cash for asset acquisition – non-cash event
|
| | | | 32,491 | | |
The effect of changes in foreign exchange rates
|
| | | | 1,120 | | |
Balance at December 31, 2020
|
| | | | 73,691 | | |
Year of maturity:
|
| |
Combined
2021 |
| |||
2022
|
| | | | — | | |
2023
|
| | | | 33,264 | | |
2024
|
| | | | 28,137 | | |
2025
|
| | | | 23,743 | | |
2026
|
| | | | 9,405 | | |
| | | | | 94,549 | | |
| | |
Combined
|
| |||||||||||||||
| | |
Current
|
| |||||||||||||||
| | |
December 31, 2021
|
| |
December 31, 2020
|
| |
January 1, 2020
|
| |||||||||
Trade payables – supply chain financing arrangement – domestic operations
|
| | | | 1,145 | | | | | | 6 | | | | | | 970 | | |
Trade payables – supply chain financing arrangement – foreign operations
|
| | | | 38,428 | | | | | | 20,168 | | | | | | 5,509 | | |
| | | | | 39,573 | | | | | | 20,174 | | | | | | 6,479 | | |
| | |
Combined
|
| |||||||||||||||
| | |
December 31, 2021
|
| |
December 31, 2020
|
| |
January 1, 2020
|
| |||||||||
Income tax
|
| | | | 6,490 | | | | | | 1,562 | | | | | | 1,638 | | |
Social contribution
|
| | | | 382 | | | | | | 75 | | | | | | 256 | | |
| | | | | 6,872 | | | | | | 1,637 | | | | | | 1,894 | | |
| | |
Combined
|
| |||||||||||||||||||||||||||||||||
| | |
December 31, 2021
|
| |
December 31, 2020
|
| |
January 1, 2020
|
| |||||||||||||||||||||||||||
| | |
Current
|
| |
Non-
current |
| |
Current
|
| |
Non-
current |
| |
Current
|
| |
Non-
current |
| ||||||||||||||||||
PIS
|
| | | | 668 | | | | | | — | | | | | | 488 | | | | | | — | | | | | | 170 | | | | | | — | | |
COFINS
|
| | | | 3,075 | | | | | | — | | | | | | 2,248 | | | | | | — | | | | | | 1,694 | | | | | | — | | |
ICMS
|
| | | | 75 | | | | | | — | | | | | | 57 | | | | | | — | | | | | | — | | | | | | — | | |
ISS
|
| | | | 583 | | | | | | — | | | | | | 298 | | | | | | — | | | | | | 581 | | | | | | — | | |
IVA
|
| | | | 8,433 | | | | | | — | | | | | | 8,294 | | | | | | — | | | | | | 2,560 | | | | | | — | | |
Other taxes
|
| | | | 4,331 | | | | | | — | | | | | | 9 | | | | | | — | | | | | | 29 | | | | | | — | | |
Installment
|
| | | | 13 | | | | | | 4,065 | | | | | | — | | | | | | — | | | | | | 2,035 | | | | | | 7,446 | | |
IRRF
|
| | | | 500 | | | | | | — | | | | | | 24 | | | | | | — | | | | | | 52 | | | | | | — | | |
| | | | | 17,678 | | | | | | 4,065 | | | | | | 11,418 | | | | | | — | | | | | | 7,121 | | | | | | 7,446 | | |
| | |
Combined
|
| |||||||||
| | |
2021
|
| |||||||||
| | |
Current
|
| |
Non-current
|
| ||||||
Simples national
|
| | | | — | | | | | | 1,285 | | |
Other PGFN debits
|
| | | | — | | | | | | 2,056 | | |
Social Security – RFB
|
| | | | — | | | | | | 139 | | |
Social Security – PGFN
|
| | | | — | | | | | | 328 | | |
Installment payment – INSS
|
| | | | 13 | | | | | | 124 | | |
PIS installment payment
|
| | | | — | | | | | | 20 | | |
COFINS Installment
|
| | | | — | | | | | | 94 | | |
Installment payment – IRRF
|
| | | | — | | | | | | 13 | | |
Other
|
| | | | — | | | | | | 6 | | |
| | | | | 13 | | | | | | 4,065 | | |
| | |
Combined
|
| |||||||||||||||
| | |
Lease liabilities
|
| |
Unwinding
interest from lease agreements |
| |
Net lease
liability |
| |||||||||
Opening balance as of January 1, 2021
|
| | | | 10,070 | | | | | | (1.129) | | | | | | 8,941 | | |
Additions
|
| | | | 25,414 | | | | | | (4,133) | | | | | | 21,281 | | |
Business combination
|
| | | | 4,716 | | | | | | (864) | | | | | | 3,852 | | |
Paymen – s – Principal
|
| | | | (6,820) | | | | | | — | | | | | | (6,820) | | |
Interest payment
|
| | | | (573) | | | | | | — | | | | | | (573) | | |
Interest appropriation
|
| | | | — | | | | | | 1,180 | | | | | | 1,180 | | |
Exchange-rate change
|
| | | | 3,806 | | | | | | — | | | | | | 3,806 | | |
Balance at December 31, 2021
|
| | | | 36,613 | | | | | | (4,946) | | | | | | 31,667 | | |
Current
|
| | | | 11,599 | | | | | | (1,964) | | | | | | 9,635 | | |
Non-current
|
| | | | 25,014 | | | | | | (2,982) | | | | | | 22,032 | | |
| | |
Combined
|
| |||||||||||||||
| | |
Lease liabilities
|
| |
Unwinding interest
from lease agreements |
| |
Net lease liability
|
| |||||||||
Opening balance as of January 1, 2020
|
| | | | 4,367 | | | | | | (112) | | | | | | 4,255 | | |
Additions
|
| | | | 1,709 | | | | | | (1,183) | | | | | | 526 | | |
Business combination
|
| | | | 7,208 | | | | | | (280) | | | | | | 6,928 | | |
Paymen – s – Principal
|
| | | | (3,957) | | | | | | — | | | | | | (3,957) | | |
Interest payment
|
| | | | (183) | | | | | | — | | | | | | (183) | | |
Interest appropriation
|
| | | | — | | | | | | 446 | | | | | | 446 | | |
Exchange-rate change
|
| | | | 926 | | | | | | — | | | | | | 926 | | |
Balance at December 31, 2020
|
| | | | 10,070 | | | | | | (1,129) | | | | | | 8,941 | | |
Current
|
| | | | 3,645 | | | | | | (511) | | | | | | 3,134 | | |
Non-current
|
| | | | 6,425 | | | | | | (618) | | | | | | 5,807 | | |
| | |
Combined
|
| |||||||||||||||||||||||||||||||||
| | |
December 31, 2021
|
| |
December 31, 2020
|
| |
January 1, 2020
|
| |||||||||||||||||||||||||||
| | |
Judicial
deposits |
| |
Provision for
contingencies |
| |
Judicial
deposits |
| |
Provision for
contingencies |
| |
Judicial
deposits |
| |
Provision for
contingencies |
| ||||||||||||||||||
Probable contingencies: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Labor and social security contingencies
|
| | | | 147 | | | | | | 181 | | | | | | 407 | | | | | | 546 | | | | | | 711 | | | | | | 1,020 | | |
| | | | | 147 | | | | | | 181 | | | | | | 407 | | | | | | 546 | | | | | | 711 | | | | | | 1,020 | | |
| | |
Combined
|
| |||
(=) Balance at January 1, 2020
|
| | | | 1,020 | | |
(+) Provisions made during the year
|
| | | | 468 | | |
(-) Provisions reversed during the year
|
| | | | (120) | | |
(-) Provisions used during the year
|
| | | | (822) | | |
(=) Balance at December 31, 2020
|
| | | | 546 | | |
(+) Provisions made during the year
|
| | | | 63 | | |
(-) Provisions reversed during the year
|
| | | | (26) | | |
(-) Provisions used during the year
|
| | | | (402) | | |
(=) Balance at December 31, 2021
|
| | | | 181 | | |
| | |
Combined
|
| |||||||||||||||
| | |
December 31,
2021 |
| |
December 31,
2020 |
| |
January 1,
2020 |
| |||||||||
Assets | | | | | | | | | | | | | | | | | | | |
Loan (non-current) | | | | | | | | | | | | | | | | | | | |
Ambipar Participações e Empreendimentos S.A.
|
| | | | 4,508 | | | | | | 83 | | | | | | 6,051 | | |
Ambipar Environment Reverse Manufacturing S.A.
|
| | | | 622 | | | | | | 621 | | | | | | 562 | | |
Ambipar R&D Pesquisa, Desenvolvimento Ltda
|
| | | | 48 | | | | | | 48 | | | | | | 18 | | |
Ambipar Logistics Ltda.
|
| | | | 14,477 | | | | | | 14,578 | | | | | | 1,782 | | |
| | |
Combined
|
| |||||||||||||||
| | |
December 31,
2021 |
| |
December 31,
2020 |
| |
January 1,
2020 |
| |||||||||
Environmental ESG Participações S.A.
|
| | | | 532 | | | | | | 332 | | | | | | 327 | | |
Ambipar Eco Products S.A.
|
| | | | 2,261 | | | | | | 2,207 | | | | | | 1,932 | | |
Ambipar Workforce Solution Mão de Obra Temp, Ltda.
|
| | | | 5,759 | | | | | | 5,373 | | | | | | 4,469 | | |
Ambipar Environmental Solutio – s – Soluções Ambientais Ltda.
|
| | | | 5,037 | | | | | | 3,689 | | | | | | 1,695 | | |
Ambipar Environment Waste Logistics Ltda,
|
| | | | 1,352 | | | | | | 1,387 | | | | | | 2,021 | | |
Amazon Resíduos Ltda.
|
| | | | 127 | | | | | | — | | | | | | — | | |
Disal Perú S.A.C
|
| | | | 3 | | | | | | — | | | | | | — | | |
| | | | | 34,726 | | | | | | 28,318 | | | | | | 18,857 | | |
Liabilities | | | | | | | | | | | | | | | | | | | |
Dividends payable | | | | | | | | | | | | | | | | | | | |
Controlling shareholder
|
| | | | 31,154 | | | | | | — | | | | | | — | | |
Non-controlling shareholders
|
| | | | 315 | | | | | | — | | | | | | — | | |
| | | | | 31,469 | | | | | | — | | | | | | — | | |
Loan (non-current) | | | | | | | | | | | | | | | | | | | |
Ambipar Participações e Empreendimentos S.A.
|
| | | | 470,824 | | | | | | 52,886 | | | | | | 62,017 | | |
Ambipar Eco Products S.A.
|
| | | | 240 | | | | | | 239 | | | | | | 1,077 | | |
Ambipar Environment Waste Logistics Ltda,
|
| | | | 1,088 | | | | | | 1,088 | | | | | | 1,088 | | |
Ambipar Environmental Solutions – Soluções Ambientais Ltda.
|
| | | | 61 | | | | | | — | | | | | | — | | |
Environmental ESG Participações S.A.
|
| | | | 9,595 | | | | | | — | | | | | | — | | |
Disal Chile Sanitarios Portables Ltda.
|
| | | | 340 | | | | | | — | | | | | | — | | |
Gestión de Servicios Ambientales S.A.C.
|
| | | | 13 | | | | | | — | | | | | | — | | |
| | | | | 482,161 | | | | | | 54,213 | | | | | | 64,182 | | |
Profit or loss | | | | | |||||||||||||||
Remuneration of key personnel
|
| | | | 7,631 | | | | | | 8,060 | | | | | | 4,562 | | |
|
| | |
Combined
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Statement of income (business transactions) | | | | | | | | | | | | | |
Net Revenues | | | | | | | | | | | | | |
Disal Chile Sanitarios Portables Ltda,
|
| | | | 47 | | | | | | 51 | | |
Ingeniería en Sanitización S.A.
|
| | | | — | | | | | | 1 | | |
Ingeclean Perú SAC
|
| | | | — | | | | | | 7 | | |
Gestión de Servicios Ambientales SAC
|
| | | | — | | | | | | 50 | | |
Inmobiliaria e Inversiones D&G Ltda,
|
| | | | — | | | | | | 28 | | |
| | | | | 47 | | | | | | 137 | | |
Costs | | | | | | | | | | | | | |
Disal Chile Sanitarios Portables Ltda,
|
| | | | — | | | | | | (14) | | |
Ingeniería en Sanitización S.A.
|
| | | | — | | | | | | — | | |
Gestión de Servicios Ambientales SAC
|
| | | | — | | | | | | (191) | | |
Inversiones Algarrobo S.A.
|
| | | | — | | | | | | (296) | | |
| | | | | — | | | | | | (501) | | |
Net Income (loss)
|
| | |
|
47
|
| | | |
|
(364)
|
| |
| | |
Share Capital
(R$) |
| |||
Balance, January 01, 2020
|
| | | | 36,899,916 | | |
Balance, December 31, 2020
|
| | | | 212,898,917 | | |
Balance, December 31, 2021
|
| | | | 261,920,439 | | |
| | |
2021
|
| |
2020
|
| ||||||
Net income for the year
|
| | | | 131,117 | | | | | | 61,699 | | |
Destination of the legal reserve (5%)
|
| | | | (6,559) | | | | | | (2,356) | | |
Distribution of income for the year
|
| | | | (31,140) | | | | | | — | | |
Appropriation in unrealized profit reserve
|
| | | | 93,418 | | | | | | 59,343 | | |
Earning per share
|
| |
2021
|
| |
2020
|
| ||||||
Earnings per share operations attributable to shareholders of the parent company before deductions
|
| | | | 138,142 | | | | | | 66,054 | | |
Number of ordinary shares
|
| | | | 48,615,599 | | | | | | 36,898,917 | | |
Basic earnings per share (in Reais)
|
| | | | 2,84 | | | | | | 1,79 | | |
Diluted earnings per share (in Reais)
|
| | | | 2,84 | | | | | | 1,79 | | |
| | |
Response
Inversiones Disal Emergencias |
| |||
Assets and liabilities acquired at fair value | | | | | | | |
Cash and cash equivalents
|
| | | | 1,005 | | |
Other assets
|
| | | | 25,650 | | |
Other liabilities
|
| | | | (326) | | |
Total identifiable net assets
|
| | | | 26,329 | | |
Total amount of consideration transferred
|
| | | | 144,430 | | |
(-) Cash acquired
|
| | | | (1,005) | | |
(-) Assumed value of the obligation to pay
|
| | | | — | | |
Cash paid, net of cash received/receivable (*)
|
| | | | 143,425 | | |
| | |
Response
Inversiones Disal Emergencias |
| |||
Determination of goodwill | | | | | | | |
Total amount of consideration, net
|
| | | | 144,430 | | |
Total identifiable net assets
|
| | | | (26,329) | | |
Goodwill paid on expected future profitability
|
| | | | 118,101 | | |
Date of additional acquisition
|
| |
06/28/2021
|
| |||
Company that acquired control
|
| |
Emergência Participações S.A.
|
| |||
Value of acquisition
|
| |
US$26,185 (thousand)
|
| |||
Percentage acquired
|
| |
100%
|
|
| | |
2021
|
| |
2020
|
| ||||||
Net Revenue | | | | | | | | | | | | | |
Brazil
|
| | | | 210,397 | | | | | | 156,250 | | |
Latin America (Other than Brazil)
|
| | | | 144,410 | | | | | | 104,809 | | |
Europe
|
| | | | 132,617 | | | | | | 34,041 | | |
North America
|
| | | | 334,779 | | | | | | 69,184 | | |
Total | | | | | 822,203 | | | | | | 364,284 | | |
| | |
2021
|
| |
2020
|
| ||||||
Net Revenue | | | | | | | | | | | | | |
Brazil
|
| | | | 289,762 | | | | | | 107,122 | | |
Latin America (Other than Brazil)
|
| | | | 42,875 | | | | | | 15,260 | | |
Europe
|
| | | | 115,549 | | | | | | 7,981 | | |
North America
|
| | | | 478,813 | | | | | | 197,025 | | |
Total | | | | | 926,999 | | | | | | 327,388 | | |
| | |
Combined
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Net Revenue from domestic market (*)
|
| | | | 210,397 | | | | | | 156,249 | | |
Net Revenue in the foreign market
|
| | | | 611,806 | | | | | | 208,035 | | |
Net revenue from services rendered
|
| | | | 822,203 | | | | | | 364,284 | | |
| | |
Combined
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Material used in the rendering of services
|
| | | | (32,036) | | | | | | (3,314) | | |
Personnel and labor charges
|
| | | | (317,749) | | | | | | (162,186) | | |
Fuels
|
| | | | (24,744) | | | | | | (1,764) | | |
Freight and tolls
|
| | | | (2,683) | | | | | | (1,958) | | |
Maintenance of machinery, appliances, equipment, and vehicles
|
| | | | (24,306) | | | | | | (3,608) | | |
Taxes
|
| | | | (10,099) | | | | | | (2,698) | | |
Rent and condominiums
|
| | | | (8,884) | | | | | | (4,606) | | |
Rental of goods, vehicles, machinery, and equipment
|
| | | | (14,294) | | | | | | (3,262) | | |
Telephony expenses
|
| | | | (2,011) | | | | | | (1,375) | | |
Travel expenses
|
| | | | (12,588) | | | | | | (6,258) | | |
Depreciation and amortization
|
| | | | (60,163) | | | | | | (22,519) | | |
Advertising and publicity
|
| | | | (3,399) | | | | | | (4,415) | | |
Third party services
|
| | | | (89,455) | | | | | | (27,454) | | |
Other expenses
|
| | | | (41,762) | | | | | | (28,981) | | |
| | | | | (644,173) | | | | | | (274,398) | | |
Cost of services rendered
|
| | | | (618,691) | | | | | | (256,147) | | |
General, administrative and sale
|
| | | | (26,837) | | | | | | (18,956) | | |
Other operating revenues (expenses), net
|
| | | | 1,355 | | | | | | 705 | | |
| | | | | (644,173) | | | | | | (274,398) | | |
| | |
Combined
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Financial income | | | | | | | | | | | | | |
Discounts obtained
|
| | | | 82 | | | | | | 81 | | |
Interest charged
|
| | | | 830 | | | | | | 348 | | |
Revenues from interest earning bank deposit
|
| | | | 3,714 | | | | | | 1 | | |
Foreign-exchange income
|
| | | | 5,636 | | | | | | 6,481 | | |
Holding gain
|
| | | | 40 | | | | | | 456 | | |
Other
|
| | | | 474 | | | | | | 38 | | |
| | | | | 10,776 | | | | | | 7,405 | | |
| | |
Combined
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Financial expenses | | | | | | | | | | | | | |
Interest paid
|
| | | | (1,610) | | | | | | (1,942) | | |
Interest right of use
|
| | | | (978) | | | | | | (291) | | |
Interest on loans
|
| | | | (7,454) | | | | | | (3,848) | | |
Discounts granted
|
| | | | (830) | | | | | | (331) | | |
Bank expenses
|
| | | | (362) | | | | | | (460) | | |
IOF
|
| | | | (1,108) | | | | | | (616) | | |
Foreign exchange costs
|
| | | | (163) | | | | | | (5,644) | | |
Other
|
| | | | (299) | | | | | | (1,351) | | |
| | | | | (12,804) | | | | | | (14,483) | | |
Net financial expense
|
| | | | (2,028) | | | | | | (7,078) | | |
| | |
Combined
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Current income tax and social contribution
|
| | | | (23,773) | | | | | | (11,274) | | |
Deferred income tax and social contribution
|
| | | | (14,087) | | | | | | (5,480) | | |
Income tax and social contribution expense
|
| | |
|
(37,860)
|
| | | |
|
(16,754)
|
| |
| | |
Combined
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Income before income tax and social contribution
|
| | | | 176,002 | | | | | | 82,808 | | |
Tax calculated based on current rates – 34%
|
| | | | (59,841) | | | | | | (28,155) | | |
Reconciliation: | | | | | | | | | | | | | |
Equity in net income of subsidiaries
|
| | | | — | | | | | | — | | |
Recognition of deferred tax loss asset
|
| | | | (8,987) | | | | | | (847) | | |
Permanent difference adjustments in other jurisdictions
|
| | | | 38,571 | | | | | | 8,416 | | |
Adjustment in Tax regime Differences
|
| | | | (4,061) | | | | | | — | | |
Other adjustments in temporary and permanent differences
|
| | | | (3,542) | | | | | | 3,832 | | |
Income tax and social contribution
|
| | |
|
(37,860)
|
| | | |
|
(16,754)
|
| |
Effective rate of income tax and social contribution – %
|
| | | | 21,5% | | | | | | 20,2% | | |
| | |
Combined
|
| |||||||||||||||
Tax bases – Assets
|
| |
December 31, 2021
|
| |
December 31, 2020
|
| |
January 1, 2020
|
| |||||||||
Tax loss and negative basis
|
| | | | 17,962 | | | | | | 5,438 | | | | | | 5,262 | | |
Temporary differences in another jurisdiction
|
| | | | 8,470 | | | | | | 11,600 | | | | | | 9,283 | | |
Income tax – 25%
|
| | | | 6,608 | | | | | | 4,260 | | | | | | 3,636 | | |
Social contribution – 9%
|
| | | | 2,379 | | | | | | 1,533 | | | | | | 1,310 | | |
Income tax and social contribution – assets
|
| | | | 8,987 | | | | | | 5,793 | | | | | | 4,946 | | |
| | |
Combined
|
| |||||||||||||||
Tax bases – Liabilities
|
| |
December 31, 2021
|
| |
December 31, 2020
|
| |
January 1, 2020
|
| |||||||||
Provisions – temporary differences
|
| | | | (45,862) | | | | | | (28,611) | | | | | | (12,461) | | |
Temporary differences in another jurisdiction
|
| | | | (52,384) | | | | | | (9,397) | | | | | | (6,629) | | |
| | | | | (98,246) | | | | | | (38,008) | | | | | | (19,090) | | |
Income tax – 25%
|
| | | | (24,562) | | | | | | (9,502) | | | | | | (4,773) | | |
Social contribution – 9%
|
| | | | (8,842) | | | | | | (3,421) | | | | | | (1,718) | | |
Income tax and social contribution – liabilities
|
| | | | (33,404) | | | | | | (12,923) | | | | | | (6,491) | | |
| | |
Combined
|
| |||||||||||||||
Changes
|
| |
December 31, 2021
|
| |
December 31, 2020
|
| |
January 1, 2020
|
| |||||||||
Opening balance – assets, net of liabilities
|
| | | | (7,130) | | | | | | (1,545) | | | | | | (3,677) | | |
Realization to statement of income
|
| | | | (14,087) | | | | | | (5,480) | | | | | | (701) | | |
Other changes
|
| | | | (3,200) | | | | | | (105) | | | | | | 2,833 | | |
Closing balance – assets, net of liabilities
|
| | | | (24,417) | | | | | | (7,130) | | | | | | (1,545) | | |
Realization per annum
|
| |
December 31, 2021
|
| |
December 31, 2020
|
| |
January 1, 2020
|
| |||||||||
2020
|
| | | | — | | | | | | — | | | | | | 1,237 | | |
2021
|
| | | | — | | | | | | 1,448 | | | | | | 1,237 | | |
2022
|
| | | | 2,247 | | | | | | 1,448 | | | | | | 1,237 | | |
2023
|
| | | | 2,247 | | | | | | 1,448 | | | | | | 1,235 | | |
2024
|
| | | | 2,247 | | | | | | 1,449 | | | | | | — | | |
2025
|
| | | | 2,246 | | | | | | — | | | | | | — | | |
| | | | | 8,987 | | | | | | 5,793 | | | | | | 4,946 | | |
| | |
Combined
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Acquisition of property, plant, and equipment by financing
|
| | | | 19,818 | | | | | | 32,491 | | |
Operational lease
|
| | | | 21,281 | | | | | | 526 | | |
Balance payable for acquisition of investment
|
| | | | 157,397 | | | | | | 77,072 | | |
Accumulated translation adjustment
|
| | | | 11,626 | | | | | | 10,329 | | |
Interest of non-controlling shareholders
|
| | | | (18,622) | | | | | | 5,289 | | |
Dividends payable
|
| | | | (31,155) | | | | | | — | | |
Capital increase with AFAC
|
| | | | 176,000 | | | | | | — | | |
Capital increase with investment receipt
|
| | | | 49,021 | | | | | | — | | |
|
Item
|
| |
Event
|
| |
Date
|
| |
Description
|
|
|
1
|
| | Acquisition of 100% of company First Response, through its direct subsidiary Ambipar Holding Canadá Inc. | | | February 2022 | | | In February 2022, the Company announced the acquisition of 100% of First Response through its direct subsidiary Ambipar Holding Canada Inc., a company founded in 2007. First Response specializes in environmental emergency response | |
|
Item
|
| |
Event
|
| |
Date
|
| |
Description
|
|
| | | | | | | | | | with a focus on fire, training, simulations, and outsourcing of firefighters and firefighting equipment, and is a reference in its segment. It has 8 operational bases in Canada, in the states of British Columbia and Alberta. In 2021, its net revenues amounted to 10,2 million Canadian dollars with an EBITDA of 2,1 million Canadian dollars. | |
|
2
|
| | 1st Issuance of Emergency Participações S.A. debentures | | | February 2022 | | | As of February 15, 2022, Emergência Participações conducted the 1st issue of simple debentures, unsecured, non-convertible into shares, in a single series with additional personal guarantee. A total of 335,500 debentures were issued, in the total amount of R$335,500, with a unit par value of R$1, with final maturity in February 2028. | |
|
3
|
| | Acquisition of 51% of the company Dracares Apoio Matítimo e Portuário Ltda. | | | March 2022 | | | In March 2022, the Company announced the acquisition of a controlling interest in Dracares Apoio Marítimo e Portuário Ltda, a company specialized in offshore and onshore oil spill emergency services, operating its own vessels to combat oil spills, scouts for seismic vessels, vessels for environmental data collection and bathymetry. In 2021, it earned BRL 50 million with an Ebitda of BRL 14 million. For the Group, this acquisition: (i) allows the entry into the market of oil spill offshore and combating maritime pollution emergency services; (ii) increases the portfolio of environmental services and solutions; (iii) creates operational and administrative synergies and cross selling opportunities; aligned with its strategic growth plan, with capture of synergies and potential maximization of margins and return. | |
|
4
|
| | Acquisition of 51% of the company Flyone Service Aéreo Especializado, Comércio e Serviços Ltda. | | | March 2022 | | | In March 2022, the Company announced the acquisition of a controlling interest in the company Flyone Serviço Aéreo Especializado, Comércio e Serviços Ltda., company specialized in air services for emergency response to forest fires, operating its own small, medium and large helicopters, ground support vehicles and special equipment. In 2021, it earned BRL 70 million with an EBITDA of BRL 21 million. For the Group, this acquisition: (i) allows the entry into the market of service of environmental emergences by aircraft; (ii) allows the reduction of response time for the calls of the current portfolio of customers | |
|
Item
|
| |
Event
|
| |
Date
|
| |
Description
|
|
| | | | | | | | | | (iii) increases the portfolio of services and environmental solutions; (iv) generates operational, administrative synergies and cross selling opportunities; in line with its strategic growth plan, with capture of synergies and potential margin maximization and return. | |
|
5
|
| | Acquisition of 51% of company RG Consultoria Técnica Ambiental S.A. (“RG Consultoria”) | | | March 2022 | | | On March 18, 2022, the company acquired 51% of the share capital of the company RG Consultoria Tecnica Ambiental S.A. specialized in emergency preparedness and response in the central region of the country. | |
|
6
|
| | Acquisition of 51% of company Bioenv Análises Ambientais Ltda (“Bioenv”) througt its subsidiary Ambipar Response ES S.A. | | | Jun 2022 | | | The direct subsidiary Ambipar Response ES S.A. acquired 51% of the company Bioenv Análises Ambientais Ltda (“Bioenv”). Founded in 2008, BIOENV specializes in environmental analysis and develops several monitoring projects in Brazil, including for multinational companies. Located in the municipality of Aracruz/ES, it has a base with equipped analytical laboratories that allow an environmental assessment with quality accredited by CGCRE ISO/IEC INMETRO 17025. For the Group, this acquisition: (i) allows entry into the laboratory analysis market; (ii) increases the portfolio of environmental services and solutions; (iii) generates operational and administrative synergies and cross selling opportunities; in line with its strategic growth plan, capturing synergies and potentially maximizing margins and returns. | |
|
7
|
| | Business combination with HPX Corp. (“HPX”) (NYSE: HPX). | | | July 2022 | | | On July 6, 2022, the parent company Ambipar Participações e Empreendimentos S.A., informed its shareholders and the market in general that Emergencia Participações S.A. entered into a business combination agreement with HPX Corp. (“HPX”) (NYSE: HPX), a special purpose acquisition company (SPAC) (“Business Combination”). With the mentioned Business Combination, the combined company is expected to have a pro-forma enterprise value of approximately R$3.1 billion, which represents an implied EV/EBITDA multiple of 11.1x based on reported EBITDA for the last twelve months ended March 31, 2022, and pro-forma implied equity value of approximately R$2.9 billion. | |
|
8
|
| | Acquisition of 100% of the company CTA Serviços em Meio Ambiente Ltda (“CTA”). | | | July 2022 | | | In July, the company, through an acquisition of the controlled company CTA Serviços em meio ambiente Ltda. Founded in 1993, in Espírito Santo, CTA is a company specialized in | |
|
Item
|
| |
Event
|
| |
Date
|
| |
Description
|
|
| | | | | | | | | | environmental services, having as main areas of readiness and response to the preservation and protection of flora and recovery of fauna in cases of environmental accidents. With net revenues of R$21.6 million and EBITDA of R$5.0 million in the year. For the Group, this acquisition is strategic and has synergy with current operations in Brazil, Latin America, North America, and Europe, contributing to the portfolio complement as follows: (i) Allows access to the market of environmental emergencies of protection and restoration of flora and rehabilitation of fauna, Reinforcing the operational structure of emergency response of Ambipar with Rehabilitation Centers for fauna contaminated by polluting products, technical support in unified emergency command centers and support for planning, preparation and participation in simulated exercises of environmental emergencies. (ii) Increase the portfolio of services in fauna and flora consulting, with the preparation of The Protection Plans for Fauna (PPAF), associated with existing environmental monitoring services; and (iii) Create cross selling opportunities in your current customer portfolio. | |
|
9
|
| | Acquisition of 100% of the company Graham Utilities. | | | July 2022 | | | In July 2022, the subsidiary Ambipar Holding Canada announced the acquisition of 100% of the company Graham Utilities, through its subsidiary Ambipar Holding Canada Inc. Founded in 2015, Graham Utilities specializes in industrial services and emergency services for the highway, has a base strategically located 12 km from a navigation channel for the Ontario River, in Belleville, a province where Ambipar was not yet present. In 2021, it had a turnover of 3.2 million Canadian dollars, equivalent to R$14.1 million, and an EBITDA of 1.5 million Canadian dollars, equivalent to R$6.6 million. For the Group, this acquisition: (i) geographically expands the Company’s presence in North America, adding another province where the Company is present; (ii) Opens the possibility of the operation of Marine services in Canada; (iii) increases the portfolio of services and scale in North America; (iv) Generates operational, administrative synergies and cross selling opportunities; in line with its strategic growth plan, with synergy capture and potential margin maximization and return. | |
|
Item
|
| |
Event
|
| |
Date
|
| |
Description
|
|
|
10
|
| | Acquisition of shareholding control of the company C-Tank | | | July 2022 | | | In July 2022, the Company announced the acquisition of the shareholding control of the company C-Tank. Founded in 2015, C-Tank is a specialist in industrial and naval tank cleaning, offering onshore and offshore solutions for customers in different segments. Its operations are focused on the states of Rio de Janeiro and São Paulo and headquartered in Niterói. In 2021, C-Tank had a turnover of 41 million reais and an EBITDA of 19 million reais. This acquisition is strategic and generates synergies with Ambipar’s current operations, because: (i) allows entry into the marine tank cleaning segment; (ii) increases the portfolio of environmental services and solutions; (iii) brings operational and administrative efficiency and generates cross selling opportunities; and (iv) allows sharing of structure and team increasing the utilization rate and efficiency of assets. In line with other acquisitions, it scales and reinforces the one-stop shop model from which a single platform strengthens as a reference in environmental services. | |
|
11
|
| | Intercompany Loan Agreement between Ambipar and Emergencia | | | July 2022 | | | On July 5, 2022, Ambipar and Emergencia entered into the Ambipar Intercompany Loan Agreement, pursuant to which Ambipar formalized the disbursement to Emergencia, under the abovementioned intercompany loans, of an aggregate amount of R$317,094,454,24. According to the Ambipar Intercompany Loan Agreement, Ambipar may elect, at any time prior to the termination of this agreement and at its sole discretion, to convert the amount (as expressed in Brazilian Reais) equivalent to US$50,500,000.00 into Emergencia’s equity, as consideration for the subscription and purchase of 5,050,000 New Pubco Class B Ordinary Shares at $10.00 per share pursuant to the Ambipar Subscription Agreement. | |
|
12
|
| | Acquisition of 100% of company Ridgeline Canada Inc. (“Ridgeline”), through its direct subsidiary Ambipar Holding Canadá Inc. | | | August 2022 | | | Founded in 1999, Ridgeline specializes in emergency response and environmental services for companies in the oil and gas, utilities, mining and construction industries. It has 16 bases located in the provinces of British Columbia, Alberta and Saskatchewan, complementary to the current structure of Ambipar in Canada. In 2021, it had a turnover of 34.1 million Canadian dollars, equivalent to R$150.0 million, and an EBITDA of 4.2 million Canadian dollars, equivalent to | |
|
Item
|
| |
Event
|
| |
Date
|
| |
Description
|
|
| | | | | | | | | | R$18.5 million. For the Group, this acquisition: (i) geographically expands the Company’s presence in North America, adding new provinces in Canada where the Company was not present; (ii) increases the portfolio of environmental services offered in North America; (iii) Generates operational, administrative synergies and cross selling opportunities; in line with its strategic growth plan, with capture of synergies and potential margin maximization and return. | |
|
13
|
| | New loan agreement with ITAU BBA International PLC | | | August 2022 | | | In August 2022, in order to finance the acquisition of Witt O'Brien's, Ambipar Holding USA Inc. entered into a loan agreement with Itau BBA International PLC, pursuant to which Itau BBA International PLC granted a loan to Ambipar Holding USA Inc. in the principal amount of $90.0 million, bearing interest of 6.36% p.a., to be paid in nine half-yearly installments from March 2023 to March 2027, with payment of principal due on September 13, 2027. | |
|
14
|
| | Second Issuance of Debentures | | | September 2022 | | | Second Issuance of Debentures means the issuance by Emergencia, on September 20, 2022, of an aggregate principal amount of R$250.0 million in a single series of 250,000 unsecured, non-convertible debentures due September 20, 2028, pursuant to the Second Deed of Debentures. This amount was received by the Company in the first week of October 2022. | |
|
15
|
| | Acquisition of 100% of company Witt O’Brien’s, LLC (“Witt O’Brien’s”) through its direct subsidiary Ambipar Holding USA Inc. | | | October 2022 | | | In October 2022, the Company announced the conclusion of the shareholding control of the company Witt O’Brien’s, LLC (“Witt O’Brien’s”), through its direct subsidiary Ambipar Holding USA Inc.. Created through the 2012 merger of O’Brien’s Response Management and Witt Associates, WOB is a global leader in the crisis and emergency management industry for blue-chip corporate clients and emergency and resilience programs for the public sector. In the corporate segment, WOB serves more than 1,200 customers and enjoys an attractive margin profile along with sustainable subscription-type revenues. Historically, this segment had a churn rate of less than 5%. Recent customers include 31 Fortune 100 companies, many of which are leaders in the oil, transportation, energy, media, and technology industries. The acquisition is consistent with Ambipar Response’s global expansion strategy and | |
|
Item
|
| |
Event
|
| |
Date
|
| |
Description
|
|
| | | | | | | | | | accelerates its growth in the United States. WOB has an experienced and multifunctional leadership team, which is aligned with the execution of its business plan. In addition, it has an organizational structure configured to support its growth and the integration of Ambipar Response’s existing operations in the United States. | |
| | |
Note
|
| |
June 30, 2022
|
| |
December 31, 2021
|
| |||||||||
Assets | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 4 | | | | | | 157,230 | | | | | | 118,918 | | |
Trade and other receivables
|
| | | | 5 | | | | | | 326,072 | | | | | | 234,288 | | |
Current tax assets
|
| | | | 6.1 | | | | | | 6,747 | | | | | | 4,895 | | |
Other tax assets
|
| | | | 6.2 | | | | | | 11,685 | | | | | | 13,308 | | |
Prepaid expenses
|
| | | | | | | | | | 18,086 | | | | | | 1,484 | | |
Advances to suppliers
|
| | | | | | | | | | 26,561 | | | | | | 47,283 | | |
Inventories
|
| | | | | | | | | | 13,408 | | | | | | 8,781 | | |
Other accounts equivalents
|
| | | | | | | | | | 25,539 | | | | | | 24,454 | | |
Current assets
|
| | | | | | | | | | 585,328 | | | | | | 453,411 | | |
Non-current assets | | | | | | | | | | | | | | | | | | | |
Related parties loans
|
| | | | 16 | | | | | | 41,041 | | | | | | 34,726 | | |
Deferred taxes
|
| | | | 22 | | | | | | 6,308 | | | | | | 8,987 | | |
Judicial deposits
|
| | | | 15 | | | | | | 116 | | | | | | 147 | | |
Other accounts receivable
|
| | | | | | | | | | 21,521 | | | | | | 6,811 | | |
Property, plant and equipment
|
| | | | 8 | | | | | | 421,510 | | | | | | 331,621 | | |
Goodwill
|
| | | | 9 | | | | | | 720,300 | | | | | | 584,893 | | |
Intangible assets
|
| | | | 9 | | | | | | 9,945 | | | | | | 10,485 | | |
Total Non-current assets
|
| | | | | | | | | | 1,220,741 | | | | | | 977,670 | | |
Total assets
|
| | | | | | | | | | 1,806,069 | | | | | | 1,431,081 | | |
| | |
Note
|
| |
June 30, 2022
|
| |
December 31, 2021
|
| |||||||||
Liabilities | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | |
Loans and Financing
|
| | | | 10 | | | | | | 38,475 | | | | | | 60,755 | | |
Debentures
|
| | | | 11 | | | | | | 13,409 | | | | | | — | | |
Trade and other payables
|
| | | | 12 | | | | | | 51,701 | | | | | | 39,573 | | |
Labor obligations
|
| | | | | | | | | | 32,198 | | | | | | 21,552 | | |
Dividends payable
|
| | | | 16 | | | | | | 31,469 | | | | | | 31,469 | | |
Current income tax and social contribution payable
|
| | | | 13 | | | | | | 7,369 | | | | | | 6,872 | | |
Other tax payable
|
| | | | 13 | | | | | | 22,273 | | | | | | 17,678 | | |
Obligations from acquisition of investment
|
| | | | 7 | | | | | | 129,481 | | | | | | 128,130 | | |
Lease liabilities
|
| | | | 14 | | | | | | 11,244 | | | | | | 9,635 | | |
Other bills to pay
|
| | | | | | | | | | 35,765 | | | | | | 30,480 | | |
Current liabilities
|
| | | | | | | | | | 373,384 | | | | | | 346,144 | | |
Non-current liabilities | | | | | | | | | | | | | | | | | | | |
Loans and Financing
|
| | | | 10 | | | | | | 130,997 | | | | | | 94,549 | | |
Debentures
|
| | | | 11 | | | | | | 330,201 | | | | | | — | | |
Other tax expenses
|
| | | | 13 | | | | | | 7,626 | | | | | | 4,065 | | |
Related parties loans
|
| | | | 16 | | | | | | 365,111 | | | | | | 482,161 | | |
Deferred income tax and social contribution
|
| | | | 22 | | | | | | 35,832 | | | | | | 33,404 | | |
Obligations from acquisition of investment
|
| | | | 7 | | | | | | 134,482 | | | | | | 101,278 | | |
Provision for contingencies
|
| | | | 15 | | | | | | 129 | | | | | | 181 | | |
Lease liabilities
|
| | | | 14 | | | | | | 22,100 | | | | | | 22,032 | | |
Other bills to pay
|
| | | | | | | | | | 19,157 | | | | | | 9,349 | | |
Non-current liabilities
|
| | | | | | | | | | 1,045,635 | | | | | | 747,019 | | |
Total liabilities
|
| | | | | | | | | | 1,419,019 | | | | | | 1,093,163 | | |
Shareholders’ equity | | | | | | | | | | | | | | | | | | | |
Capital
|
| | | | | | | | | | 261,920 | | | | | | 261,920 | | |
Profit reserves
|
| | | | | | | | | | 179,679 | | | | | | 176,148 | | |
Capital transactions
|
| | | | | | | | | | (101,997) | | | | | | (116,486) | | |
Equity valuation adjustment
|
| | | | | | | | | | 984 | | | | | | 984 | | |
Accumulated translation adjustment
|
| | | | | | | | | | (71,994) | | | | | | 3,428 | | |
Retained earnings
|
| | | | | | | | | | 78,285 | | | | | | — | | |
Equity attributable to owners of the group
|
| | | | 17 | | | | | | 346,877 | | | | | | 325,994 | | |
Non-controlling interest
|
| | | | 17 | | | | | | 40,173 | | | | | | 11,924 | | |
Total equity
|
| | | | | | | | | | 387,050 | | | | | | 337,918 | | |
Total shareholders’ equity and liabilities
|
| | | | | | | | | | 1,806,069 | | | | | | 1,431,081 | | |
| | | | | | | | |
Consolidated
|
| |
Combined
|
| ||||||
| | |
Note
|
| |
June 30, 2022
|
| |
June 30, 2021
|
| |||||||||
Net Revenue
|
| | | | 19 | | | | | | 654,526 | | | | | | 334,617 | | |
Cost of services rendered
|
| | | | 20 | | | | | | (520,041) | | | | | | (251,150) | | |
Gross profit
|
| | | | | | | | | | 134,485 | | | | | | 83,467 | | |
Selling, general and administrative expenses
|
| | | | 20 | | | | | | (14,043) | | | | | | (13,856) | | |
Other income, net expenses
|
| | | | 20 | | | | | | 5,163 | | | | | | (105) | | |
Operating expenses
|
| | | | | | | | | | (8,880) | | | | | | (13,961) | | |
Operating profit
|
| | | | | | | | | | 125,605 | | | | | | 69,506 | | |
Finance costs
|
| | | | 21 | | | | | | (28,847) | | | | | | (6,556) | | |
Finance income
|
| | | | 21 | | | | | | 5,535 | | | | | | 12,435 | | |
Net finance costs
|
| | | | | | | | | | (23,312) | | | | | | 5,879 | | |
Profit before tax
|
| | | | | | | | | | 102,293 | | | | | | 75,385 | | |
Current income tax and social contribution
|
| | | | 22 | | | | | | (14,685) | | | | | | (11,007) | | |
Deferred income tax and social contribution
|
| | | | 22 | | | | | | (5,227) | | | | | | (11,820) | | |
Profit for the period
|
| | | | | | | | | | 82,381 | | | | | | 52,558 | | |
Profit Attributable to: | | | | | | | | | | | | | | | | | | | |
Owners of the group
|
| | | | | | | | | | 78,285 | | | | | | 51,723 | | |
Non-controlling interests
|
| | | | | | | | | | 4,096 | | | | | | 835 | | |
Number of shares at period end
|
| | | | | | | | | | 261,920,439 | | | | | | 212,898,917 | | |
Earnings per share (basic and diluted) at the end of the year – in R$
|
| | | | | | | | | | 0.31 | | | | | | 0.25 | | |
| | |
Consolidated
|
| |
Combined
|
| ||||||
| | |
June 30, 2022
|
| |
June 30, 2021
|
| ||||||
Profit for the period
|
| | | | 82,381 | | | | | | 52,558 | | |
Items that are or may be reclassified subsequently to profit or loss: | | | | | | | | | | | | | |
Exchange rate change on goodwill on investee abroad
|
| | | | (1,070) | | | | | | (217) | | |
Accumulated translation adjustment
|
| | | | (74,352) | | | | | | (14,584) | | |
Other comprehensive loss for the period, net of tax
|
| | | | (75,422) | | | | | | (14,801) | | |
Total comprehensive income, net of taxes
|
| | | | 6,959 | | | | | | 37,757 | | |
Attributable to: | | | | | | | | | | | | | |
Owners of the group
|
| | | | 78,285 | | | | | | 51,723 | | |
Non-controlling interest
|
| | | | (71,326) | | | | | | (13,966) | | |
| | | | | 6,959 | | | | | | 37,757 | | |
| | | | | | | | |
Attributable to owners of the Group
|
| | | | | | | | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Note
|
| |
Capital
|
| |
Advances
for future capital increase |
| |
Capital
transactions |
| |
Legal
reserve |
| |
Unrealized
income reserve |
| |
Equity
valuation adjustment |
| |
Accumulated
translation adjustment |
| |
Retained
earnings |
| |
Total
attributable to the controlling shareholder |
| |
Non
controlling interests |
| |
Total
|
| ||||||||||||||||||||||||||||||||||||
Balances at January 1st,
2021 |
| | | | | | | | | | 36,899 | | | | | | 176,000 | | | | | | (3,458) | | | | | | 7,380 | | | | | | 69,050 | | | | | | 984 | | | | | | 16,818 | | | | | | — | | | | | | 303,673 | | | | | | 23,521 | | | | | | 327,194 | | |
Advance for future capital increase
|
| | | | 17,1 | | | | | | 176,000 | | | | | | (176,000) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
—
|
| |
Transactions with shareholders
|
| | | | | | | | | | — | | | | | | — | | | | | | (103,906) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (103,906) | | | | | | — | | | | |
|
(103,906)
|
| |
Distribution of profit from previous year
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (307) | | | | | | — | | | | | | — | | | | | | — | | | | | | (307) | | | | | | | | | | |
|
(307)
|
| |
Participation of non-controllers
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (23,317) | | | | |
|
(23,317)
|
| |
Adjustment from previous years
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,470 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,470 | | | | | | — | | | | |
|
3,470
|
| |
Other comprehensive loss
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (14,801) | | | | | | — | | | | | | (14,801) | | | | | | — | | | | |
|
(14,801)
|
| |
Net income for the period
|
| | | | 17,4 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 51,723 | | | | | | 51,723 | | | | | | 835 | | | | |
|
52,558
|
| |
Balance, June 30,
2021 |
| | | | | | | | | | 212,899 | | | | | | — | | | | | | (107,364) | | | | | | 7,380 | | | | | | 72,213 | | | | | | 984 | | | | | | 2,017 | | | | | | 51,723 | | | | | | 239,852 | | | | | | 1,039 | | | | | | 240,891 | | |
Balance, December 31, 2021
|
| | | | | | | | | | 261,920 | | | | | | — | | | | | | (116,486) | | | | | | 13,939 | | | | | | 162,209 | | | | | | 984 | | | | | | 3,428 | | | | | | — | | | | | | 325,994 | | | | | | 11,924 | | | | | | 337,918 | | |
Transactions with shareholders
|
| | | | | | | | | | — | | | | | | — | | | | | | 14,489 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 14,489 | | | | | | — | | | | |
|
14,489
|
| |
Adjustment from previous years
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,531 | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,531 | | | | | | | | | | |
|
3,531
|
| |
Participation of non-controllers
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 24,153 | | | | |
|
24,153
|
| |
Other comprehensive loss
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (75,422) | | | | | | — | | | | | | (75,422) | | | | | | — | | | | |
|
(75,422)
|
| |
Net income for the period
|
| | | | 17,4 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 78,285 | | | | | | 78,285 | | | | | | 4,096 | | | | |
|
82,381
|
| |
As of June 30, 2022
|
| | | | | | | | | | 261,920 | | | | | | — | | | | | | (101,997) | | | | | | 13,939 | | | | | | 165,740 | | | | | | 984 | | | | | | (71,994) | | | | | | 78,285 | | | | | | 346,877 | | | | | | 40,173 | | | | | | 387,050 | | |
| | |
Consolidated
|
| |
Combined
|
| ||||||
| | |
June 30, 2022
|
| |
June 30, 2021
|
| ||||||
Cash flows from operating activities | | | | | | | | | | | | | |
Profit for the period
|
| | | | 82,381 | | | | | | 52,558 | | |
Adjustments for non-cash items | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 42,264 | | | | | | 23,709 | | |
Expected credit losses
|
| | | | (28) | | | | | | 39 | | |
Residual value of written-off property, plant and equipment and intangible assets
|
| | | | 23,433 | | | | | | 3,820 | | |
Provision for contingencies
|
| | | | (144) | | | | | | 346 | | |
Income tax and social contribution – Deferred
|
| | | | 5,227 | | | | | | 11,820 | | |
Interest on loans and financing, debentures and exchange-rate change
|
| | | | (20,360) | | | | | | 1,758 | | |
Changes in assets and liabilities: | | | | | | | | | | | | | |
Accounts receivable
|
| | | | (71,614) | | | | | | (29,618) | | |
Recoverable taxes
|
| | | | 45 | | | | | | (771) | | |
Prepaid expenses
|
| | | | (14,711) | | | | | | (110) | | |
Advances to suppliers
|
| | | | 25,248 | | | | | | (2,347) | | |
Inventories
|
| | | | (2,043) | | | | | | (501) | | |
Other accounts receivable
|
| | | | 12,723 | | | | | | (22,621) | | |
Suppliers
|
| | | | 3,409 | | | | | | (6,870) | | |
Salaries and social security charges
|
| | | | 9,500 | | | | | | 3,851 | | |
Taxes payable
|
| | | | (3,518) | | | | | | 2,610 | | |
Other accounts payable
|
| | | | 3,478 | | | | | | 7,061 | | |
Cash generated from operating activities
|
| | | | 95,290 | | | | | | 44,734 | | |
Interest paid on loans and financing
|
| | | | (5,724) | | | | | | (12,517) | | |
Interest paid on leases
|
| | | | (1,185) | | | | | | (72) | | |
Income tax and social contribution
|
| | | | (595) | | | | | | (1,162) | | |
Net Cash generated from operating activities
|
| | | | 87,786 | | | | | | 30,983 | | |
Cash flow from investing activities | | | | | | | | | | | | | |
Cash spent on companies’ acquisitions; net of cash received
|
| | | | (140,365) | | | | | | (182,291) | | |
Payment of obligations from acquisition of investments
|
| | | | (40,116) | | | | | | (30,752) | | |
Acquisition of property, plant and equipment and intangible assets
|
| | | | (78,715) | | | | | | (43,528) | | |
Net cash used in investing activities
|
| | | | (259,196) | | | | | | (256,571) | | |
Cash flow from financing activities | | | | | | | | | | | | | |
Profit distribution – prior periods
|
| | | | — | | | | | | (307) | | |
Related parties
|
| | | | (101,675) | | | | | | 223,259 | | |
Lease payments – Principal
|
| | | | (7,332) | | | | | | (1,971) | | |
Proceeds from loans and financing
|
| | | | 7,255 | | | | | | 27,675 | | |
Funding of debentures
|
| | | | 335,500 | | | | | | — | | |
Payments of loans and financing – Principal
|
| | | | (33,396) | | | | | | (31,031) | | |
Payment of share issue costs
|
| | | | (5,299) | | | | | | — | | |
Net cash generated from financing activities
|
| | | | 195,053 | | | | | | 217,625 | | |
Increase in cash and cash equivalents
|
| | | | 23,643 | | | | | | (7,963) | | |
Exchange rate change in cash and cash equivalents
|
| | | | 14,669 | | | | | | 27,017 | | |
Cash and cash equivalents at the beginning of the period
|
| | | | 118,918 | | | | | | 61,754 | | |
Cash and cash equivalents at the end of the period
|
| | | | 157,230 | | | | | | 80,808 | | |
| | | | | | | | |
Ownership held by
Group |
| |
Ownership held by
NCI |
| | | | | | | ||||||||||||||||||
Company
|
| |
Place of Business/
Country of Incorporation |
| |
Controller
|
| |
30.06.2022
% |
| |
31.12.2021
% |
| |
30.06.2022
% |
| |
31.12.2021
% |
| |
Consolidation
method |
| |||||||||||||||
Emergência Participações S.A.
|
| | Brazil | | | Ambipar Participações | | | | | 100.00 | | | | | | 100.00 | | | | | | — | | | | | | — | | | | | | Full | | |
Ambipar Howells Consultancy Limited
|
| | United Kingdom | | |
Emergência Participações
|
| | | | 100.00 | | | | | | 100.00 | | | | | | — | | | | | | — | | | | | | Full | | |
Ambipar Response Limited
|
| | United Kingdom | | |
Emergência Participações
|
| | | | 100.00 | | | | | | 100.00 | | | | | | — | | | | | | — | | | | | | Full | | |
Ambipar Response S.A.
|
| | Brazil | | |
Emergência Participações
|
| | | | 100.00 | | | | | | 100.00 | | | | | | — | | | | | | — | | | | | | Full | | |
Ambipar Insurance Corretora de Seguros Ltda
|
| | Brazil | | |
Emergência Participações
|
| | | | 100.00 | | | | | | 100.00 | | | | | | — | | | | | | — | | | | | | Full | | |
Ambipar Response Insurence – Atendimento a Seguros Ltda
|
| | Brazil | | |
Emergência Participações
|
| | | | 100.00 | | | | | | 100.00 | | | | | | — | | | | | | — | | | | | | Full | | |
Atmo Hazmat Ltda
|
| | Brazil | | |
Emergência Participações
|
| | | | 100.00 | | | | | | 100.00 | | | | | | — | | | | | | — | | | | | | Full | | |
Suatrans Chile S.A.
|
| | Chile | | |
Emergência Participações
|
| | | | 100.00 | | | | | | 100.00 | | | | | | — | | | | | | — | | | | | | Full | | |
Suatrans Peru SAC
|
| | Peru | | | Suatrans Chile | | | | | 99.78 | | | | | | 99.78 | | | | | | 0.22 | | | | | | 0.22 | | | | | | Full | | |
Suatrans Training S.A.
|
| | Chile | | | Suatrans Chile | | | | | 99.99 | | | | | | 99.99 | | | | | | 0.01 | | | | | | 0.01 | | | | | | Full | | |
SIS – Servicios Industriales Especializados S.A.
|
| | Chile | | | Suatrans Chile | | | | | 99.99 | | | | | | 99.99 | | | | | | 0.01 | | | | | | 0.01 | | | | | | Full | | |
Horvefel S.A.
|
| | Uruguai | | | Suatrans Chile | | | | | 100.00 | | | | | | 100.00 | | | | | | — | | | | | | — | | | | | | Full | | |
SABI Tech S.A.S
|
| | Colombia | | | Suatrans Chile | | | | | 100.00 | | | | | | 100.00 | | | | | | — | | | | | | — | | | | | | Full | | |
Ambipar Holding USA, INC
|
| |
United States of America
|
| |
Emergência Participações
|
| | | | 100.00 | | | | | | 100.00 | | | | | | — | | | | | | — | | | | | | Full | | |
Allied International Emergency LLC.
|
| |
United States of America
|
| | Ambipar Holding USA | | | | | 100.00 | | | | | | 100.00 | | | | | | — | | | | | | — | | | | | | Full | | |
One Stop Environmental, LLC
|
| |
United States of America
|
| | Ambipar Holding USA | | | | | 100.00 | | | | | | 100.00 | | | | | | — | | | | | | — | | | | | | Full | | |
Intracoastal Invironmental, LLC
|
| |
United States of America
|
| | Ambipar Holding USA | | | | | 100.00 | | | | | | 100.00 | | | | | | — | | | | | | — | | | | | | Full | | |
Custom Environmental Services, INC
|
| |
United States of America
|
| | Ambipar Holding USA | | | | | 100.00 | | | | | | 100.00 | | | | | | — | | | | | | — | | | | | | Full | | |
EMS Environmental, Inc
|
| |
United States of America
|
| | Ambipar Holding USA | | | | | 100.00 | | | | | | 100.00 | | | | | | — | | | | | | — | | | | | | Full | | |
Swat Consulting Inc.
|
| |
United States of America
|
| | Ambipar Holding USA | | | | | 100.00 | | | | | | 100.00 | | | | | | — | | | | | | — | | | | | | Full | | |
Professional Emergency Resource Services
|
| |
United States of America
|
| | Ambipar Holding USA | | | | | 100.00 | | | | | | 100.00 | | | | | | — | | | | | | — | | | | | | Full | | |
Ambipar Holdings UK Limited
|
| | United Kingdom | | |
Emergência Participações
|
| | | | 100.00 | | | | | | 100.00 | | | | | | — | | | | | | — | | | | | | Full | | |
Enviroclear Site Service Limited
|
| | United Kingdom | | | Ambipar Holding UK | | | | | 100.00 | | | | | | 100.00 | | | | | | — | | | | | | — | | | | | | Full | | |
Ambipar Holding Ireland Limited
|
| | Ireland | | | Ambipar Holding UK | | | | | 100.00 | | | | | | 100.00 | | | | | | — | | | | | | — | | | | | | Full | | |
Lehane Environmental & Industrial Services Ltd
|
| | Ireland | | |
Ambipar Holding Ireland
|
| | | | 100.00 | | | | | | 100.00 | | | | | | — | | | | | | — | | | | | | Full | | |
Ambipar Holding Canadá, INC
|
| | Canadá | | |
Emergência Participações
|
| | | | 100.00 | | | | | | 100.00 | | | | | | — | | | | | | — | | | | | | Full | | |
Emerge Hydrovac Inc.
|
| | Canadá | | |
Ambipar Holding Canadá
|
| | | | 100.00 | | | | | | 100.00 | | | | | | — | | | | | | — | | | | | | Full | | |
Lynx Creek Industrial & Hydrovac Ltd.
|
| | Canadá | | |
Ambipar Holding Canadá
|
| | | | 100.00 | | | | | | 100.00 | | | | | | — | | | | | | — | | | | | | Full | | |
Orion Environmental Services Ltd.
|
| | Canadá | | |
Ambipar Holding Canadá
|
| | | | 100.00 | | | | | | 100.00 | | | | | | — | | | | | | — | | | | | | Full | | |
First Response Inc
|
| | Canadá | | |
Ambipar Holding Canadá
|
| | | | 100.00 | | | | | | 100.00 | | | | | | — | | | | | | — | | | | | | Full | | |
Ambipar Response ES S.A.
|
| | Brazil | | |
Emergência Participações
|
| | | | 70.00 | | | | | | 70.00 | | | | | | 30.00 | | | | | | 30.00 | | | | | | Full | | |
Ambipar Response Control Environmental Consulting S.A.
|
| | Brazil | | | Ambipar Response ES | | | | | 70.00 | | | | | | 70.00 | | | | | | 30.00 | | | | | | 30.00 | | | | | | Full | | |
Ambipar Response Orbitgeo Ltda.
|
| | Brazil | | | Ambipar Response ES | | | | | 70.00 | | | | | | 70.00 | | | | | | 30.00 | | | | | | 30.00 | | | | | | Full | | |
Ambipar Response OGTEC Facilities Ltda.
|
| | Brazil | | | Ambipar Response ES | | | | | 70.00 | | | | | | 70.00 | | | | | | 30.00 | | | | | | 30.00 | | | | | | Full | | |
Ambipar Response Wastewater Control Ltda.
|
| | Brazil | | | Ambipar Response ES | | | | | 70.00 | | | | | | 70.00 | | | | | | 30.00 | | | | | | 30.00 | | | | | | Full | | |
| | | | | | | | |
Ownership held by
Group |
| |
Ownership held by
NCI |
| | | | | | | ||||||||||||||||||
Company
|
| |
Place of Business/
Country of Incorporation |
| |
Controller
|
| |
30.06.2022
% |
| |
31.12.2021
% |
| |
30.06.2022
% |
| |
31.12.2021
% |
| |
Consolidation
method |
| |||||||||||||||
Ambipar Response Geoweb Ltda.
|
| | Brazil | | | Ambipar Response ES | | | | | 70.00 | | | | | | 70.00 | | | | | | 30.00 | | | | | | 30.00 | | | | | | Full | | |
Ambipar Response Geociências Ltda. (*)
|
| | Brazil | | | Ambipar Response ES | | | | | 38.50 | | | | | | 38.50 | | | | | | 61.50 | | | | | | 61.50 | | | | | | Full | | |
Bioenv Análises Ambientais Ltda
|
| | Brazil | | | Ambipar Response ES | | | | | 70.00 | | | | | | 70.00 | | | | | | 30.00 | | | | | | 30.00 | | | | | | Full | | |
RG Consultoria Técnica Ambiental S.A.
|
| | Brazil | | |
Emergência Participações
|
| | | | 51.00 | | | | | | 51.00 | | | | | | 49.00 | | | | | | 49.00 | | | | | | Full | | |
RG Consultoria Técnica Ambiental Brasil Ltda
|
| | Brazil | | | RG Consultoria | | | | | 51.00 | | | | | | 51.00 | | | | | | 49.00 | | | | | | 49.00 | | | | | | Full | | |
JM Serviços Integrados Ltda
|
| | Brazil | | |
Emergência Participações
|
| | | | 70.00 | | | | | | 70.00 | | | | | | 30.00 | | | | | | 30.00 | | | | | | Full | | |
JM Serviços e Locações Ltda
|
| | Brazil | | |
Emergência Participações
|
| | | | 70.00 | | | | | | 70.00 | | | | | | 30.00 | | | | | | 30.00 | | | | | | Full | | |
Lacerda & Lacerda Serviços de Transportes e Emergências Ambientais Ltda
|
| | Brazil | | |
Emergência Participações
|
| | | | 100.00 | | | | | | 70.00 | | | | | | — | | | | | | 30.00 | | | | | | Full | | |
Desentupidora Belo Ltda
|
| | Brazil | | |
Emergência Participações
|
| | | | — | | | | | | 70.00 | | | | | | 100.00 | | | | | | 30.00 | | | | | | Full | | |
Ambipar Response Gás Ltda.
|
| | Brazil | | |
Emergência Participações
|
| | | | 100.00 | | | | | | 100.00 | | | | | | — | | | | | | — | | | | | | Full | | |
Inversiones Disal Emergencias S.A.
|
| | Chile | | |
Emergência Participações
|
| | | | 100.00 | | | | | | 100.00 | | | | | | — | | | | | | — | | | | | | Full | | |
Ambipar Atendimento Médico Hospitalar Ltda.
|
| | Brazil | | |
Emergência Participações
|
| | | | 100.00 | | | | | | 100.00 | | | | | | — | | | | | | — | | | | | | Full | | |
Fênix Emergências Ambientais Ltda.
|
| | Brazil | | |
Emergência Participações
|
| | | | 100.00 | | | | | | 100.00 | | | | | | — | | | | | | — | | | | | | Full | | |
APW Ambiental e Transporte Ltda.
|
| | Brazil | | |
Emergência Participações
|
| | | | 100.00 | | | | | | 100.00 | | | | | | — | | | | | | — | | | | | | Full | | |
Dracares Apoio Marítimo e Portuário Ltda
|
| | Brazil | | |
Emergência Participações
|
| | | | 51.00 | | | | | | 51.00 | | | | | | 49.00 | | | | | | 49.00 | | | | | | Full | | |
Flyone Serviço Aéreo Especializado, Comércio e Serviço Ltda
|
| | Brazil | | |
Emergência Participações
|
| | | | 51.00 | | | | | | 51.00 | | | | | | 49.00 | | | | | | 49.00 | | | | | | Full | | |
| Financial assets at FVTPL | | | These assets are subsequently measured at fair value, Net gains and losses, including any interest or dividend income, are recognized in profit or loss. | |
| Financial assets at amortized cost | | | These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses, Interest income, foreign exchange gains and losses and impairment are recognized in profit or loss. Any gain or loss on derecognition is recognized in profit or loss. | |
| Debt investments at FVOCI | | | These assets are subsequently measured at fair value, Interest income calculated using the effective interest method, foreign exchange gains and losses and impairment are recognized in profit or loss. Other net gains and losses are recognized in OCI. On derecognition, gains and losses accumulated in OCI are reclassified to profit or loss. | |
| Equity investments at FVOCI | | | These assets are subsequently measured at fair value, Dividends are recognized as income in profit or loss unless the dividend clearly represents a investment’s cost part recovery. Other net gains and losses are recognized in OCI and are never reclassified to profit or loss. | |
| | |
JM Serviços
Integrados S.A. |
| |
Lacerda &
Lacerda Serv.de Transp.e Emergências Ambientais Ltda |
| |
AMBIPAR
Response ES S.A. (*) |
| |
Dracares Apoio
Maritimo E Portuario Ltda. |
| |
Flyone Serviço
Aéreo Especializado, Comércio e Serviço Ltda. |
| |
RG Consultoria
Tecnica Ambiental S.A. |
| |
Total
|
| |||||||||||||||||||||
| | |
June 30, 2022
|
| |
June 30, 2022
|
| |
June 30, 2022
|
| |
June 30, 2022
|
| |
June 30, 2022
|
| |
June 30, 2022
|
| |
June 30, 2022
|
| |||||||||||||||||||||
Summarized statement of financial position | | | | | | | | | |||||||||||||||||||||||||||||||||||
Current assets
|
| | | | 8,305 | | | | | | 16,816 | | | | | | 37,798 | | | | | | 5,018 | | | | | | 25,243 | | | | | | 2,957 | | | | | | 96,137 | | |
Current liabilities
|
| | | | (4,237) | | | | | | (2,394) | | | | | | (22,065) | | | | | | (6,938) | | | | | | (15,747) | | | | | | (590) | | | | | | (51,971) | | |
Current net assets
|
| | | | 4,068 | | | | | | 14,422 | | | | | | 15,733 | | | | | | (1,920) | | | | | | 9,496 | | | | | | 2,367 | | | | | | 44,166 | | |
Non-current assets
|
| | | | 15,052 | | | | | | 1,750 | | | | | | 33,434 | | | | | | 24,106 | | | | | | 44,613 | | | | | | 1,594 | | | | | | 120,549 | | |
Non-current liabilities
|
| | | | (14,146) | | | | | | (12,573) | | | | | | (15,396) | | | | | | (3,467) | | | | | | (20,522) | | | | | | (642) | | | | | | (66,746) | | |
Non-current net assets
|
| | | | 906 | | | | | | (10,823) | | | | | | 18,038 | | | | | | 20,639 | | | | | | 24,091 | | | | | | 952 | | | | | | 53,803 | | |
Net assets
|
| | | | 4,974 | | | | | | 3,599 | | | | | | 33,771 | | | | | | 18,719 | | | | | | 33,587 | | | | | | 3,319 | | | | | | 97,969 | | |
Net assets controlling
|
| | | | 4,974 | | | | | | 3,599 | | | | | | 32,493 | | | | | | 18,719 | | | | | | 33,587 | | | | | | 3,319 | | | | | | 96,691 | | |
Net assets nom-controlling
|
| | | | — | | | | | | — | | | | | | 1,278 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,278 | | |
Accumulated NCI 2021
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,924 | | |
Others adjustment from non-controlling
|
| | | | (4) | | | | | | 662 | | | | | | 335 | | | | | | 9,172 | | | | | | 16,458 | | | | | | 1,626 | | | | | | 28,249 | | |
Accumulated NCI adjusted 2022
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 40,173 | | |
| | |
JM Serviços
Integrados S.A. |
| |
Lacerda &
Lacerda Serv.de Transp.e Emergências Ambientais Ltda |
| |
AMBIPAR
Response ES S.A. (*) |
| |
Dracares Apoio
Maritimo E Portuario Ltda. |
| |
Flyone Serviço
Aéreo Especializado, Comércio e Serviço Ltda. |
| |
RG Consultoria
Tecnica Ambiental S.A. |
| |
Total
|
| |||||||||||||||||||||
Summarized statement of financial position | | | | | | | | | |||||||||||||||||||||||||||||||||||
Revenue
|
| | | | 7,926 | | | | | | 3,201 | | | | | | 37,536 | | | | | | 27,608 | | | | | | 28,809 | | | | | | 4,211 | | | | | | 109,291 | | |
Cost of services rendered
|
| | | | (5,599) | | | | | | (1,490) | | | | | | (31,781) | | | | | | (19,873) | | | | | | (13,246) | | | | | | (2,810) | | | | | | (74,799) | | |
Gross profit
|
| | | | 2,327 | | | | | | 1,711 | | | | | | 5,755 | | | | | | 7,735 | | | | | | 15,563 | | | | | | 1,401 | | | | | | 34,492 | | |
Selling, general and administrative expenses
|
| | | | (1,761) | | | | | | (371) | | | | | | (4,277) | | | | | | (1,555) | | | | | | (8,332) | | | | | | (409) | | | | | | (16,705) | | |
Other expense
|
| | | | (15) | | | | | | — | | | | | | 397 | | | | | | 248 | | | | | | 95 | | | | | | 315 | | | | | | 1,040 | | |
Operating expenses
|
| | | | (1,776) | | | | | | (371) | | | | | | (3,880) | | | | | | (1,307) | | | | | | (8,237) | | | | | | (94) | | | | | | (15,665) | | |
Operating profit
|
| | | | 551 | | | | | | 1,340 | | | | | | 1,875 | | | | | | 6,428 | | | | | | 7,326 | | | | | | 1,307 | | | | | | 18,827 | | |
Finance costs
|
| | | | (946) | | | | | | (53) | | | | | | (1,154) | | | | | | (755) | | | | | | (2,098) | | | | | | (22) | | | | | | (5,028) | | |
Finance income
|
| | | | 10 | | | | | | 1 | | | | | | 881 | | | | | | 34 | | | | | | 88 | | | | | | 1 | | | | | | 1,015 | | |
Net finance costs
|
| | | | (936) | | | | | | (52) | | | | | | (273) | | | | | | (721) | | | | | | (2,010) | | | | | | (21) | | | | | | (4,013) | | |
Profit before tax
|
| | | | (385) | | | | | | 1,288 | | | | | | 1,602 | | | | | | 5,707 | | | | | | 5,316 | | | | | | 1,286 | | | | | | 14,814 | | |
Income tax and social contribution
|
| | |
|
373
|
| | | |
|
(502)
|
| | | |
|
(1,181)
|
| | | |
|
(2,894)
|
| | | |
|
(1,496)
|
| | | |
|
(200)
|
| | | |
|
(5,900)
|
| |
Profit for the year
|
| | | | (12) | | | | | | 786 | | | | | | 421 | | | | | | 2,813 | | | | | | 3,820 | | | | | | 1,086 | | | | | | 8,914 | | |
Profit for the year controlling
|
| | | | (12) | | | | | | 621 | | | | | | 267 | | | | | | 1,435 | | | | | | 1,948 | | | | | | 554 | | | | | | 4,813 | | |
Profit for the year non-controlling
|
| | | | (4) | | | | | | 165 | | | | | | 154 | | | | | | 1,378 | | | | | | 1,872 | | | | | | 532 | | | | | | 4,097 | | |
Interest attributable to non-controlling
shareholders |
| | | | 30.00% | | | | | | 30.00% | | | | | | 30.00% | | | | | | 49.00% | | | | | | 49.00% | | | | | | 49.00% | | | | | | | | |
| | |
(Consolidated) scenarios
|
| |||||||||||||||||||||
| | |
Base
|
| |
Probable
|
| |
Possible
|
| |
Remote
|
| ||||||||||||
Index risk | | | | | | ||||||||||||||||||||
CDI – Interest earning bank deposits
|
| | | | 64,081 | | | | | | 8,491 | | | | | | 10,614 | | | | | | 12,737 | | |
CDI – Loans and Financing
|
| | | | (169,472) | | | | | | (22,455) | | | | | | (28,069) | | | | | | (33,683) | | |
CDI – Debentures
|
| | | | (343,610) | | | | | | (45,528) | | | | | | (56,910) | | | | | | (68,292) | | |
Net exposure
|
| | | | (449,001) | | | | | | (59,492) | | | | | | (74,365) | | | | | | (89,238) | | |
| | |
(Consolidated) scenarios
|
| |||||||||||||||||||||
| | |
Base
|
| |
Probable
|
| |
Possible
|
| |
Remote
|
| ||||||||||||
Index risk | | | | | | ||||||||||||||||||||
CDI – Interest earning bank deposits
|
| | | | 61,461 | | | | | | 5,685 | | | | | | 4,264 | | | | | | 2,843 | | |
CDI – Loans and Financing
|
| | | | (155,304) | | | | | | (14,366) | | | | | | (17,958) | | | | | | (21,549) | | |
Net exposure
|
| | | | (93,843) | | | | | | (8,681) | | | | | | (13,694) | | | | | | (18,706) | | |
| | |
<1 year
|
| |
1-2 years
|
| |
2-5 years
|
| |
>5 years
|
| |
Total
|
| |||||||||||||||
As of June 30, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans and financing
|
| | | | 38,475 | | | | | | 75,906 | | | | | | 55,091 | | | | | | — | | | | | | 169,472 | | |
Loans and financing (interest)
|
| | | | 4,790 | | | | | | 8,980 | | | | | | 6,517 | | | | | | — | | | | | | 16,659 | | |
Debentures
|
| | | | 13,409 | | | | | | 114,500 | | | | | | 215,701 | | | | | | — | | | | | | 343,610 | | |
Lease liabilities
|
| | | | 13,085 | | | | | | 9,975 | | | | | | 15,031 | | | | | | — | | | | | | 38,091 | | |
Suppliers and other accounts payable
|
| | | | 87,466 | | | | | | 19,157 | | | | | | — | | | | | | — | | | | | | 106,204 | | |
| | | | | 157,225 | | | | | | 228,518 | | | | | | 292,340 | | | | | | — | | | | | | 674,455 | | |
December 31, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans and financing
|
| | | | 60,755 | | | | | | 33,264 | | | | | | 61,285 | | | | | | — | | | | | | 155,304 | | |
Loans and financing (interest)
|
| | | | 5,972 | | | | | | 3,270 | | | | | | 6,024 | | | | | | | | | | | | 15,266 | | |
Lease liabilities
|
| | | | 12,252 | | | | | | 8,621 | | | | | | 15,740 | | | | | | | | | | | | 36,613 | | |
Suppliers and other accounts payable
|
| | | | 39,573 | | | | | | — | | | | | | — | | | | | | — | | | | | | 39,573 | | |
| | | | | 118,552 | | | | | | 45,155 | | | | | | 83,049 | | | | | | — | | | | | | 246,756 | | |
Consolidated financial information
|
| |
June 30, 2022
|
| |
December 31, 2021
|
| ||||||
Loans and financing and debentures
|
| | | | 513,082 | | | | | | 155,304 | | |
Less: cash and cash equivalents
|
| | | | (157,230) | | | | | | (118,918) | | |
Net bank loans and financing
|
| | | | 355,852 | | | | | | 36,386 | | |
Total shareholders’ equity
|
| | | | 387,050 | | | | | | 337,918 | | |
Total capital
|
| | | | 742,902 | | | | | | 374,304 | | |
Leverage ratio
|
| | | | 47.9% | | | | | | 9.7% | | |
| | | | | |
Consolidated
|
| |||||||||
| | |
Category & Fair value level
|
| |
Book value
|
| |
Market value
|
| ||||||
Financial assets | | | | | | | | | | | | | | | | |
Cash and banks
|
| |
Amortized cost – Level 1
|
| | | | 93,149 | | | | | | 93,149 | | |
Interest earning bank deposits
|
| |
Amortized cost – Level 1
|
| | | | 64,081 | | | | | | 64,081 | | |
Accounts receivable
|
| |
Amortized cost – Level 1
|
| | | | 326,072 | | | | | | 326,072 | | |
Related parties
|
| |
Amortized cost – Level 2
|
| | | | 41,041 | | | | | | 41,041 | | |
Financial liabilities | | | | | | | | | | | | | | | | |
Loans and leases liabilities
|
| |
Amortized cost – Level 2
|
| | | | 169,472 | | | | | | 169,472 | | |
Debentures
|
| |
Amortized cost – Level 2
|
| | | | 343,610 | | | | | | 343,610 | | |
Suppliers
|
| |
Amortized cost – Level 1
|
| | | | 51,701 | | | | | | 51,701 | | |
Obligations from acquisition of investment
|
| |
Amortized cost – Level 2
|
| | | | 263,963 | | | | | | 263,963 | | |
Related parties
|
| |
Amortized cost – Level 2
|
| | | | 365,111 | | | | | | 365,111 | | |
Lease liabilities
|
| |
Amortized cost – Level 2
|
| | | | 33,344 | | | | | | 33,344 | | |
| | | | | |
Consolidated
|
| |||||||||
| | |
Category & Fair value level
|
| |
Book value
|
| |
Market value
|
| ||||||
Financial assets | | | | | | | | | | | | | | | | |
Cash and banks
|
| |
Amortized cost – Level 1
|
| | | | 57,457 | | | | | | 57,457 | | |
Interest earning bank deposits
|
| |
Amortized cost – Level 1
|
| | | | 61,461 | | | | | | 61,461 | | |
Accounts receivable
|
| |
Amortized cost – Level 1
|
| | | | 234,288 | | | | | | 234,288 | | |
Related parties
|
| |
Amortized cost – Level 2
|
| | | | 34,726 | | | | | | 34,726 | | |
Financial liabilities | | | | | | | | | | | | | | | | |
Loans and leases liabilities
|
| |
Amortized cost – Level 2
|
| | | | 155,304 | | | | | | 155,304 | | |
Suppliers
|
| |
Amortized cost – Level 1
|
| | | | 39,573 | | | | | | 39,573 | | |
Obligations from acquisition of investment
|
| |
Amortized cost – Level 2
|
| | | | 229,408 | | | | | | 229,408 | | |
Related parties
|
| |
Amortized cost – Level 2
|
| | | | 482,161 | | | | | | 482,161 | | |
Lease liabilities
|
| |
Amortized cost – Level 2
|
| | | | 31,667 | | | | | | 31,667 | | |
| | |
June 30, 2022
|
| |
December 31, 2021
|
| ||||||
Cash and banks
|
| | | | 93,149 | | | | | | 57,457 | | |
Interest earning bank deposits
|
| | | | 64,081 | | | | | | 61,461 | | |
| | | | | 157,230 | | | | | | 118,918 | | |
| | |
June 30, 2022
|
| |
December 31, 2021
|
| ||||||
Trade notes receivable – domestic operations
|
| | | | 102,424 | | | | | | 82,300 | | |
Trade notes receivable – foreign operations
|
| | | | 225,181 | | | | | | 153,549 | | |
| | | | | 327,605 | | | | | | 235,849 | | |
Expected credit losses
|
| | | | (1,533) | | | | | | (1,561) | | |
| | | | | 326,072 | | | | | | 234,288 | | |
Current
|
| | | | 326,072 | | | | | | 234,288 | | |
Non-current
|
| | | | — | | | | | | — | | |
| | | | | 326,072 | | | | | | 234,288 | | |
| | |
June 30, 2022
|
| |
December 31, 2021
|
| ||||||
Prepaid Income tax and social contribution (IR/CS)
|
| | | | 6,747 | | | | | | 4,895 | | |
| | | | | 6,747 | | | | | | 4,895 | | |
| | |
June 30, 2022
|
| |
December 31, 2021
|
| ||||||
Recoverable INSS (Social security tax) withheld
|
| | | | 3,301 | | | | | | 2,545 | | |
Recoverable PIS (Tax on sales)
|
| | | | 148 | | | | | | 65 | | |
Recoverable COFINS (Tax on sales)
|
| | | | 687 | | | | | | 299 | | |
Recoverable ICMS (State VAT)
|
| | | | 313 | | | | | | 95 | | |
IRRF (Withholding income tax) to offset
|
| | | | 6,524 | | | | | | 9,691 | | |
Other taxes recoverable
|
| | | | 712 | | | | | | 613 | | |
| | | | | 11,685 | | | | | | 13,308 | | |
Base date
|
| |
Target Company
|
| |
Interest acquired (%)
|
|
Jan 2021 | | | JM Serviços Integrados Ltda | | |
70
|
|
Jan 2021 | | | Lacerda e Lacerda Serv TR Emerg Amb Ltda | | |
70
|
|
Jan 2021 | | | MDTEC Engenharia e Serviços Ltda | | |
100
|
|
Feb 2021 | | | Enviroclear Site Services Limited | | |
100
|
|
Feb 2021 | | | Orion Environmental Services Ltda | | |
100
|
|
June 2021 | | | EMS Environmental, Inc | | |
100
|
|
July 2021 | | | ControlPar Participações S.A. | | |
70
|
|
July 2021 | | | Swat Consulting Inc. | | |
100
|
|
July 2021 | | | Professional Emergency Resource Services | | |
100
|
|
July 2021 | | | SABI Tech S.A.S – Suatrans Chile | | |
100
|
|
August 2021 | | | Fênix Emergências Ambientais Ltda | | |
100
|
|
August 2021 | | | APW Ambiental e Transporte Ltda. | | |
100
|
|
Sep 2021 | | | Emerge Hydrovac Inc, | | |
100
|
|
Sep 2021 | | | Lynx Creek Industrial & Hydrovac Ltd, | | |
100
|
|
Sep 2021 | | | Lehane Environmental & Industrial Services Ltd | | |
100
|
|
Jan 2022 | | | Dracares Apoio Marítimo e Portuário Ltda. | | |
51
|
|
Jan 2022 | | |
Flyone Serviço Aéreo Especializado, Comércio e Serviço Ltda
|
| |
51
|
|
Jan 2022 | | | RG Consultoria Técnica Ambiental S.A. | | |
51
|
|
Fev 2022 | | | First Response Inc | | |
100
|
|
Jun 2022 | | | Bioenv Análises e Monitoramento Ambiental Ltda | | |
51
|
|
| | |
Response
|
| | ||||||||||||||||||||||||||||||||
Assets and liabilities acquired at fair value (*)
|
| |
First Response
|
| |
Dracares
|
| |
Flyone
|
| |
RG
|
| |
Bioenv
|
| |
Total
|
| ||||||||||||||||||
Current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalentes
|
| | | | — | | | | | | 985 | | | | | | 3,125 | | | | | | 2,843 | | | | | | 889 | | | | | | 7,842 | | |
Trade and other receivables
|
| | | | 12,055 | | | | | | 4,249 | | | | | | 2,109 | | | | | | 907 | | | | | | 824 | | | | | | 20,144 | | |
Inventories
|
| | | | 572 | | | | | | 2,012 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,584 | | |
Related parties loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other Assets
|
| | | | 349 | | | | | | 10,079 | | | | | | 16,854 | | | | | | 243 | | | | | | 42 | | | | | | 27,567 | | |
Non-Current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred taxes
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other Assets
|
| | | | — | | | | | | 3,642 | | | | | | 4,190 | | | | | | — | | | | | | 1,000 | | | | | | 8,832 | | |
Investments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Property, Plant and Equipment
|
| | | | 3,897 | | | | | | 20,366 | | | | | | 36,657 | | | | | | 689 | | | | | | 149 | | | | | | 61,758 | | |
Intangible assets
|
| | | | — | | | | | | — | | | | | | 4 | | | | | | — | | | | | | — | | | | | | 4 | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade and other payables
|
| | | | (1,146) | | | | | | (1,243) | | | | | | (6,306) | | | | | | (14) | | | | | | (15) | | | | | | (8,724) | | |
Loans and Financing
|
| | | | — | | | | | | (1,787) | | | | | | (6,716) | | | | | | (224) | | | | | | (77) | | | | | | (8,804) | | |
Employee benefits
|
| | | | — | | | | | | (862) | | | | | | (123) | | | | | | (79) | | | | | | (81) | | | | | | (1,145) | | |
Current income tax payable
|
| | | | (196) | | | | | | (1,429) | | | | | | (7,073) | | | | | | (60) | | | | | | (169) | | | | | | (8,927) | | |
Related parties loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Other liabilities
|
| | | | (1,369) | | | | | | (10,351) | | | | | | (1,466) | | | | | | (2,071) | | | | | | (148) | | | | | | (15,405) | | |
Non-current liabilities
|
| | | | | | | | | | | | | | | | | | | | | | — | | | | | | | | | | | | | | |
Loans and Financing
|
| | | | — | | | | | | (2,439) | | | | | | — | | | | | | — | | | | | | (4) | | | | | | (10,167) | | |
Current income tax payable
|
| | | | — | | | | | | (61) | | | | | | (3,841) | | | | | | — | | | | | | — | | | | | | (3,902) | | |
Total identifiable net assets at fair value
|
| | | | 14,162 | | | | | | 23,161 | | | | | | 29,690 | | | | | | 2,234 | | | | | | 2,410 | | | | | | 71,657 | | |
Net amount of Assets acquired and liabilities assumed acquired at fair value:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Attributable to the Controlling Shareholders of the Group
|
| | |
|
14,162
|
| | | |
|
9,771
|
| | | |
|
15,142
|
| | | |
|
1,139
|
| | | |
|
1,229
|
| | | |
|
41,443
|
| |
Attributable to the non-controlling Shareholders of the
Group |
| | |
|
—
|
| | | |
|
13,390
|
| | | |
|
14,548
|
| | | |
|
1,095
|
| | | |
|
1,181
|
| | | |
|
30,214
|
| |
Total amount of the consideration transferred
|
| | | | 63,109 | | | | | | 86,684 | | | | | | 50,000 | | | | | | 19,905 | | | | | | 2,606 | | | | | | 222,304 | | |
(-) Cash acquired
|
| | | | — | | | | | | (985) | | | | | | (3,125) | | | | | | (2,843) | | | | | | (889) | | | | | | (7,842) | | |
(-) Assumed amount of the obligation to pay
|
| | | | (37,294) | | | | | | (1,000) | | | | | | (25,000) | | | | | | (10,000) | | | | | | (803) | | | | | | (74,097) | | |
Cash paid, net of cash received (**)
|
| | | | 25,815 | | | | | | 84,699 | | | | | | 21,875 | | | | | | 7,062 | | | | | | 914 | | | | | | 140,365 | | |
Determining goodwill from expected future profitability (*)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total amount of the consideration transferred, Net
|
| | | | 63,109 | | | | | | 86,684 | | | | | | 50,000 | | | | | | 19,905 | | | | | | 2,606 | | | | | | 222,304 | | |
Total Net amount of the identifiable net assets acquired
and the liabilities assumed attributable to the Controlling Shareholders of the Group |
| | | | (14,162) | | | | | | (9,771) | | | | | | (15,141) | | | | | | (1,140) | | | | | | (1,229) | | | | | | (41,443) | | |
Goodwill paid resulting from expected future
profitability |
| | | | 48,947 | | | | | | 76,913 | | | | | | 34,859 | | | | | | 18,765 | | | | | | 1,377 | | | | | | 180,861 | | |
Date of acquisition
|
| |
02/01/2022
|
| |
02/16/2022
|
| |
03/18/2022
|
| |
03/18/2022
|
| |
06/28/2022
|
| | | | | | | |||||||||||||||
| | |
02/2022
|
| |
01/2022
|
| |
01/2022
|
| |
01/2022
|
| |
06/2022
|
| | | | | | | |||||||||||||||
Company that acquired control
|
| |
Ambipar
Holding Canadá |
| |
Emergência
Participações S.A. |
| |
Emergência
Participações S.A. |
| |
Emergência
Participações S.A. |
| |
Ambipar
Response Espírito Santo S.A. |
| | | | | | | |||||||||||||||
Aquisition Value
|
| |
CAD $16,625
|
| |
R$35,987
|
| |
R$50,000
|
| |
R$19,905
|
| |
R$2,606
|
| | | | | | | |||||||||||||||
Percentage acquired
|
| |
100%
|
| |
51%
|
| |
51%
|
| |
51%
|
| |
51%
|
| | | | | | |
| | |
Response
|
| | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and liabilities acquired at fair value (*)
|
| |
Enviroclear
|
| |
Orion
(Canadá) |
| |
EMS
Environmental |
| |
SABI
|
| |
SWAT
|
| |
Controlpar
|
| |
PERS
|
| |
Lynx
|
| |
Emerge
|
| |
Lehane
|
| |
Others (***)
|
| |
Total
2021 |
| ||||||||||||||||||||||||||||||||||||
Current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalentes
|
| | | | 1,718 | | | | | | (2,548) | | | | | | 736 | | | | | | 72 | | | | | | 12,546 | | | | | | 6,459 | | | | | | 2,033 | | | | | | 552 | | | | | | 2,206 | | | | | | 6,798 | | | | | | 3,401 | | | | |
|
33,973
|
| |
Trade and other receivables
|
| | | | 22,409 | | | | | | 11,165 | | | | | | 3,916 | | | | | | 4,489 | | | | | | 1,674 | | | | | | 8,338 | | | | | | 471 | | | | | | 6,230 | | | | | | 8,746 | | | | | | 6,252 | | | | | | 2,055 | | | | |
|
75,745
|
| |
Inventories
|
| | | | 190 | | | | | | — | | | | | | — | | | | | | 503 | | | | | | — | | | | | | 236 | | | | | | 38 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
967
|
| |
Related parties loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,933 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 246 | | | | |
|
9,179
|
| |
Other assets
|
| | | | 983 | | | | | | 2,498 | | | | | | 63 | | | | | | 19 | | | | | | 454 | | | | | | 9,584 | | | | | | 7 | | | | | | — | | | | | | 24 | | | | | | 1,927 | | | | | | 1,223 | | | | |
|
16,782
|
| |
Non-Current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Deferred taxes
|
| | | | — | | | | | | 1,133 | | | | | | — | | | | | | 10 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 728 | | | | | | — | | | | |
|
1,871
|
| |
Other assets
|
| | |
|
—
|
| | | |
|
—
|
| | | | | 48 | | | | | | 1,103 | | | | | | 4 | | | | | | 1,143 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
2,298
|
| |
Investiments
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 4,055 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
4,055
|
| |
Property, Plant and Equipment
|
| | | | 32,518 | | | | | | 39,685 | | | | | | 1,041 | | | | | | 2,322 | | | | | | 3,060 | | | | | | 5,787 | | | | | | 199 | | | | | | 6,024 | | | | | | 14,077 | | | | | | 24,137 | | | | | | 5,933 | | | | |
|
134,783
|
| |
Intangible assets
|
| | | | 1,572 | | | | | | — | | | | | | — | | | | | | 3,611 | | | | | | — | | | | | | 1,195 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
6,378
|
| |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Trade and other payables
|
| | | | (9,269) | | | | | | (7,377) | | | | | | (624) | | | | | | (1,108) | | | | | | (586) | | | | | | (2,719) | | | | | | (5) | | | | | | (2,533) | | | | | | (3,300) | | | | | | (2,070) | | | | | | (874) | | | | |
|
(30,465)
|
| |
Loans and Financing
|
| | | | (11,857) | | | | | | (27,550) | | | | | | — | | | | | | (2,095) | | | | | | — | | | | | | (3,396) | | | | | | — | | | | | | (77) | | | | | | (21) | | | | | | — | | | | | | (1,119) | | | | |
|
(46,115)
|
| |
Employee benefits
|
| | | | (1,533) | | | | | | (524) | | | | | | — | | | | | | (856) | | | | | | — | | | | | | (3,354) | | | | | | (360) | | | | | | (143) | | | | | | — | | | | | | — | | | | | | (257) | | | | |
|
(7,027)
|
| |
Current income tax payable
|
| | | | (3,987) | | | | | | (2,839) | | | | | | — | | | | | | (695) | | | | | | 22 | | | | | | (3,016) | | | | | | (4) | | | | | | (865) | | | | | | (94) | | | | | | (953) | | | | | | (4,102) | | | | |
|
(16,533)
|
| |
Related parties loans
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | (122) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (239) | | | | |
|
(361)
|
| |
Other liabilities
|
| | | | (10,949) | | | | | | (1,107) | | | | | | 1 | | | | | | (375) | | | | | | (36,242) | | | | | | (2,145) | | | | | | (124) | | | | | | (36) | | | | | | — | | | | | | (380) | | | | | | (1,516) | | | | |
|
(53,473)
|
| |
Non-current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loans and Financing
|
| | | | (4,699) | | | | | | (6,906) | | | | | | — | | | | | | (3,083) | | | | | | — | | | | | | (2,210) | | | | | | — | | | | | | (1,849) | | | | | | (1,860) | | | | | | — | | | | | | — | | | | |
|
(20,607)
|
| |
Trade and other payables
|
| | | | (13,230) | | | | | | (3,492) | | | | | | — | | | | | | (945) | | | | | | (1,644) | | | | | | (216) | | | | | | — | | | | | | (1,809) | | | | | | (10,581) | | | | | | — | | | | | | — | | | | |
|
(31,917)
|
| |
Total identifiable net assets (liabilities) at fair value
|
| | | | 3,866 | | | | | | 1,538 | | | | | | 5,181 | | | | | | 2,972 | | | | | | (20,712) | | | | | | 28,552 | | | | | | 2,255 | | | | | | 5,494 | | | | | | 9,197 | | | | | | 36,439 | | | | | | 4,751 | | | | | | 79,533 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | |
Net amount of assets acquired and liabilities assumed at fair
value: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Attributable to the Controlling Shareholders of the
Group |
| | | | 3,866 | | | | | | 1,538 | | | | | | 5,181 | | | | | | 2,972 | | | | | | (20,712) | | | | | | 19,986 | | | | | | 2,255 | | | | | | 5,494 | | | | | | 9,197 | | | | | | 36,439 | | | | | | 4,301 | | | | | | 70,517 | | |
Attributable to the non-controlling Shareholders of the Group
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 8,566 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 450 | | | | | | 9,016 | | |
Total amount of the consideration transferred
|
| | | | 36,534 | | | | | | 72,390 | | | | | | 15,006 | | | | | | 13,363 | | | | | | 23,201 | | | | | | 61,946 | | | | | | 27,144 | | | | | | 18,922 | | | | | | 28,300 | | | | | | 51,923 | | | | | | 43,624 | | | | |
|
392,353
|
| |
| | |
Response
|
| | | | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets and liabilities acquired at fair value (*)
|
| |
Enviroclear
|
| |
Orion
(Canadá) |
| |
EMS
Environmental |
| |
SABI
|
| |
SWAT
|
| |
Controlpar
|
| |
PERS
|
| |
Lynx
|
| |
Emerge
|
| |
Lehane
|
| |
Others (***)
|
| |
Total
2021 |
| ||||||||||||||||||||||||||||||||||||
(-) Cash acquired
|
| | | | (1,718) | | | | | | 2,548 | | | | | | (736) | | | | | | (72) | | | | | | (12,546) | | | | | | (6,459) | | | | | | (2,033) | | | | | | (552) | | | | | | (2,206) | | | | | | (6,798) | | | | | | (3,401) | | | | |
|
(33,973)
|
| |
(-)Assumed amount of the obligation to pay
|
| | | | (22,059) | | | | | | (55,297) | | | | | | (11,255) | | | | | | — | | | | | | (13,598) | | | | | | (31,946) | | | | | | (13,572) | | | | | | (9,461) | | | | | | (14,150) | | | | | | (15,588) | | | | | | (28,745) | | | | |
|
(215,671)
|
| |
Cash paid, net of cash received (**)
|
| | | | 12,757 | | | | | | 19,641 | | | | | | 3,015 | | | | | | 13,291 | | | | | | (2,943) | | | | | | 23,541 | | | | | | 11,539 | | | | | | 8,909 | | | | | | 11,944 | | | | | | 29,537 | | | | | | 11,478 | | | | | | 142,709 | | |
Determining goodwill from expected future profitability (*) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total amount of the consideration transferred, Net
|
| | | | 36,534 | | | | | | 72,390 | | | | | | 15,006 | | | | | | 13,363 | | | | | | 23,201 | | | | | | 61,946 | | | | | | 27,144 | | | | | | 18,922 | | | | | | 28,300 | | | | | | 51,923 | | | | | | 43,624 | | | | |
|
392,353
|
| |
Net amount of the identifiable net assets acquired and the
liabilities assumed attributable to the Controlling Shareholders of the Group |
| | | | (3,866) | | | | | | (1,538) | | | | | | (5,181) | | | | | | (2,972) | | | | | | 20,712 | | | | | | (19,986) | | | | | | (2,255) | | | | | | (5,494) | | | | | | (9,197) | | | | | | (36,439) | | | | | | (4,301) | | | | |
|
(70,517)
|
| |
Goodwill paid resulting from expected future profitability
|
| | | | 32,668 | | | | | | 70,852 | | | | | | 9,825 | | | | | | 10,391 | | | | | | 43,913 | | | | | | 41,960 | | | | | | 24,889 | | | | | | 13,428 | | | | | | 19,103 | | | | | | 15,484 | | | | | | 39,323 | | | | | | 321,836 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 0 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Date of acquisition
|
| |
04/02/2021
|
| |
11/02/2021
|
| |
25/06/2021
|
| |
04/07/2021
|
| |
06/07/2021
|
| |
29/07/2021
|
| |
30/07/2021
|
| |
01/09/2021
|
| |
08/09/2021
|
| |
20/09/2021
|
| |
(***)
|
| | | | | | | |||||||||||||||||||||||||||||||||
| | |
02/2021
|
| |
02/2021
|
| |
06/2021
|
| |
07/2021
|
| |
07/2021
|
| |
07/2021
|
| |
07/2021
|
| |
09/2021
|
| |
09/2021
|
| |
09/2021
|
| |
(***)
|
| | | | | | | |||||||||||||||||||||||||||||||||
Company that acquired control
|
| |
Ambipar
Holdings UK |
| |
Ambipar
Holding Canadá |
| |
Ambipar
Holding USA, Inc. |
| |
Suatrans
Chile S.A. |
| |
Ambipar
Holding USA, Inc. |
| |
Emergência
Participações S.A. |
| |
Ambipar
Holding USA, Inc. |
| |
Ambipar
Holding Canadá Inc. |
| |
Ambipar
Holding Canadá Inc. |
| |
Ambipar
Holdings UK Limited. |
| |
Emergência
Participações S.A. |
| | | | | | | |||||||||||||||||||||||||||||||||
Aquisition Value
|
| |
£4.649
|
| |
CAD 15.971
|
| |
U$3.000
|
| |
CLP 1.949.895
|
| |
U$4.530
|
| |
R$61.946
|
| |
U$5.300
|
| |
CAD 4.407
|
| |
CAD 6.592
|
| |
€8.244
|
| |
R$43.624
|
| | | | | | | |||||||||||||||||||||||||||||||||
Percentage acquired
|
| |
100%
|
| |
100%
|
| |
100%
|
| |
100%
|
| |
100%
|
| |
70%
|
| |
100%
|
| |
100%
|
| |
100%
|
| |
100%
|
| |
Controle
|
| | | | | | |
| | |
Valor
|
| |||
Enviroclear
|
| | | | 12,757 | | |
Orion
|
| | | | 19,641 | | |
EMS
|
| | | | 3,015 | | |
JM Serviços
|
| | | | 5,754 | | |
Lacerda & Lacerda
|
| | | | (107) | | |
MD Tech
|
| | | | (2,194) | | |
Total
|
| | | | 38,866 | | |
| | |
Consolidated
|
| |
Combined
|
| ||||||||||||||||||
| | |
30.06.2022
|
| |
30.06.2021
|
| ||||||||||||||||||
| | |
Net Revenue
|
| |
Profit for the
year |
| |
Net Revenue
|
| |
Profit for the
year |
| ||||||||||||
First Response Inc
|
| | | | 30.498 | | | | | | 13.306 | | | | | | — | | | | | | — | | |
Dracares Apoio Marítimo e Portuário Ltda. and MB Transportes Aquaviários Ltda
|
| | | | 28.019 | | | | | | 3.095 | | | | | | — | | | | | | — | | |
Flyone Serviço Aéreo Especializado, Comércio e Serviço Ltda
|
| | | | 28.809 | | | | | | 3.820 | | | | | | — | | | | | | — | | |
RG Consultoria Técnica Ambiental S.A. and RG Consultoria Técnica Ambiental Brasil Ltda
|
| | | | 4.788 | | | | | | 1.505 | | | | | | — | | | | | | — | | |
Bioenv Análises e Monitoramento Ambiental Ltda
|
| | | | 204 | | | | | | 15 | | | | | | — | | | | | | — | | |
JM Serviços Integrados Ltda
|
| | | | — | | | | | | — | | | | | | 5.813 | | | | | | (3.345) | | |
Lacerda e Lacerda Serv TR Emerg Amb Ltda
|
| | | | — | | | | | | — | | | | | | 11.697 | | | | | | 6.131 | | |
MDTEC Engenharia e Serviços Ltda
|
| | | | — | | | | | | — | | | | | | 4.001 | | | | | | 512 | | |
Enviroclear Site Services Limited
|
| | | | — | | | | | | — | | | | | | 41.686 | | | | | | 2.238 | | |
Orion Environmental Services Ltd.
|
| | | | — | | | | | | — | | | | | | 39.074 | | | | | | 22.721 | | |
EMS Environmental, Inc (*)
|
| | | | | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | | 92.317 | | | | | | 21.741 | | | | | | 102.271 | | | | | | 28.257 | | |
| | |
Consolidated
|
| |
Combined
|
| ||||||
| | |
06.30.2022
|
| |
06.30.2021
|
| ||||||
Net Revenue
|
| | | | 734,212 | | | | | | 392,837 | | |
Profit for the year
|
| | | | 99,913 | | | | | | 52,599 | | |
| | |
2022
|
| |||||||||
| | |
Valor
|
| |
%
|
| ||||||
Dracares
|
| | | | 13,390 | | | | | | 49 | | |
Flyone
|
| | | | 14,548 | | | | | | 49 | | |
RG Consultoria
|
| | | | 1,095 | | | | | | 49 | | |
Bioenv
|
| | | | 1,181 | | | | | | 49 | | |
Total
|
| | | | 30,214 | | | | | | | | |
Year of maturity
|
| |
Consolidated
|
| |||
2022
|
| | | | 101,017 | | |
2023
|
| | | | 105,007 | | |
2024
|
| | | | 57,939 | | |
| | | | | 263,963 | | |
|
Current
|
| | | | 129,481 | | |
|
Non-current
|
| | | | 134,482 | | |
| | |
Consolidated – June 30, 2022
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Buildings
|
| |
Facilities
|
| |
Machinery and
equipment |
| |
IT equipment
|
| |
Furniture and
fixtures |
| |
Vehicles
|
| |
Leasehold
improvements |
| |
Works in
progress |
| |
Vessels
|
| |
Right-of-
use assets |
| |
Aircraft
|
| |
Total
|
| ||||||||||||||||||||||||||||||||||||
Cost | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Opening balance
|
| | | | 20,712 | | | | | | 229 | | | | | | 197,984 | | | | | | 6,503 | | | | | | 7,115 | | | | | | 265,670 | | | | | | 10,228 | | | | | | 46,441 | | | | | | 6,084 | | | | | | 55,986 | | | | | | — | | | | | | 616,952 | | |
Transfers
|
| | | | 6,047 | | | | | | — | | | | | | (22,859) | | | | | | 190 | | | | | | 330 | | | | | | (7,995) | | | | | | 26,531 | | | | | | (26,530) | | | | | | (2) | | | | | | 25,035 | | | | | | — | | | | | | 747 | | |
Additions
|
| | | | 1,033 | | | | | | 131 | | | | | | 22,980 | | | | | | 1,135 | | | | | | 1,101 | | | | | | 45,451 | | | | | | 625 | | | | | | 10,417 | | | | | | 5,023 | | | | | | 17,714 | | | | | | 2,984 | | | | | | 108,593 | | |
Write-offs
|
| | | | (812) | | | | | | — | | | | | | (4,050) | | | | | | (248) | | | | | | (80) | | | | | | (2,606) | | | | | | 529 | | | | | | (13,600) | | | | | | (1,841) | | | | | | (14,106) | | | | | | — | | | | | | (36,814) | | |
Business combination (*)
|
| | | | 99 | | | | | | — | | | | | | 4,645 | | | | | | 139 | | | | | | 146 | | | | | | 7,016 | | | | | | — | | | | | | 4,554 | | | | | | 19,341 | | | | | | (11) | | | | | | 39,887 | | | | | | 75,816 | | |
Exchange-rate change
|
| | | | (2,531) | | | | | | — | | | | | | (16,509) | | | | | | (224) | | | | | | (524) | | | | | | (13,994) | | | | | | (246) | | | | | | — | | | | | | (320) | | | | | | (4,880) | | | | | | — | | | | | | (39,228) | | |
Balance | | | | | 24,548 | | | | | | 360 | | | | | | 182,191 | | | | | | 7,495 | | | | | | 8,088 | | | | | | 293,542 | | | | | | 37,667 | | | | | | 21,282 | | | | | | 28,285 | | | | | | 79,738 | | | | | | 42,871 | | | | | | 726,066 | | |
Accumulated depreciation | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Opening balance
|
| | | | (5,951) | | | | | | (64) | | | | | | (101,224) | | | | | | (3,099) | | | | | | (5,232) | | | | | | (142,749) | | | | | | (5,289) | | | | | | — | | | | | | (963) | | | | | | (20,760) | | | | | | — | | | | | | (285,331) | | |
Transfers
|
| | | | (3,875) | | | | | | — | | | | | | 13,695 | | | | | | (14) | | | | | | (31) | | | | | | (3,248) | | | | | | — | | | | | | — | | | | | | — | | | | | | (6,685) | | | | | | — | | | | | | (158) | | |
Depreciation
|
| | | | (2,385) | | | | | | (14) | | | | | | (7,185) | | | | | | (600) | | | | | | (420) | | | | | | (20,899) | | | | | | (880) | | | | | | — | | | | | | (525) | | | | | | (7,079) | | | | | | (2,240) | | | | | | (42,227) | | |
Write-offs
|
| | | | 477 | | | | | | — | | | | | | 9,081 | | | | | | 35 | | | | | | 9 | | | | | | 5,043 | | | | | | 49 | | | | | | — | | | | | | 144 | | | | | | (1,457) | | | | | | — | | | | | | 13,381 | | |
Business combination (*)
|
| | | | (6) | | | | | | — | | | | | | (1,245) | | | | | | (39) | | | | | | (86) | | | | | | (2,711) | | | | | | — | | | | | | — | | | | | | (4,591) | | | | | | 11 | | | | | | (5,419) | | | | | | (14,086) | | |
Exchange-rate change
|
| | | | 1,259 | | | | | | — | | | | | | 9,025 | | | | | | 153 | | | | | | 412 | | | | | | 9,673 | | | | | | 177 | | | | | | — | | | | | | 183 | | | | | | 2,983 | | | | | | — | | | | | | 23,865 | | |
Balance
|
| | |
|
(10,481)
|
| | | |
|
(78)
|
| | | |
|
(77,853)
|
| | | |
|
(3,564)
|
| | | |
|
(5,348)
|
| | | |
|
(154,891)
|
| | | |
|
(5,943)
|
| | | |
|
—
|
| | | |
|
(5,752)
|
| | | |
|
(32,987)
|
| | | |
|
(7,659)
|
| | | |
|
(304,556)
|
| |
Cost
|
| | | | 24,548 | | | | | | 360 | | | | | | 182,191 | | | | | | 7,495 | | | | | | 8,088 | | | | | | 293,542 | | | | | | 37,667 | | | | | | 21,282 | | | | | | 28,285 | | | | | | 79,738 | | | | | | 42,871 | | | | | | 726,066 | | |
Depreciation and amortization
|
| | | | (10,481) | | | | | | (78) | | | | | | (77,853) | | | | | | (3,564) | | | | | | (5,348) | | | | | | (154,891) | | | | | | (5,943) | | | | | | — | | | | | | (5,752) | | | | | | (32,987) | | | | | | (7,659) | | | | | | (304,556) | | |
| | | | | 14,067 | | | | | | 282 | | | | | | 104,338 | | | | | | 3,931 | | | | | | 2,740 | | | | | | 138,651 | | | | | | 31,724 | | | | | | 21,282 | | | | | | 22,533 | | | | | | 46,751 | | | | | | 35,212 | | | | | | 421,510 | | |
| | |
Combined – December 31, 2021
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | |
Buildings
|
| |
Facilities
|
| |
Machinery and
equipment |
| |
IT equipment
|
| |
Furniture and
fixtures |
| |
Vehicles
|
| |
Leasehold
improvements |
| |
Works in progress
|
| |
Vessels
|
| |
Right-of-use
assets |
| |
Other
|
| |
Total
|
| ||||||||||||||||||||||||||||||||||||
Cost | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Opening balance
|
| | | | 1,566 | | | | | | 153 | | | | | | 88,963 | | | | | | 3,185 | | | | | | 3,561 | | | | | | 70,905 | | | | | | 6,631 | | | | | | 4,562 | | | | | | 5,132 | | | | | | 24,559 | | | | | | 2 | | | | | | 209,219 | | |
Transfers
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Additions
|
| | | | 63 | | | | | | 1 | | | | | | 32,915 | | | | | | 1,290 | | | | | | 210 | | | | | | 35,742 | | | | | | 186 | | | | | | 41,822 | | | | | | 818 | | | | | | 28,742 | | | | | | — | | | | | | 141,789 | | |
Write-offs
|
| | | | (2,638) | | | | | | (366) | | | | | | (10,379) | | | | | | (252) | | | | | | (117) | | | | | | (5,912) | | | | | | — | | | | | | (75) | | | | | | (20) | | | | | | — | | | | | | (2) | | | | | | (19,761) | | |
Business combination (*)
|
| | | | 20,163 | | | | | | 441 | | | | | | 84,795 | | | | | | 2,276 | | | | | | 3,192 | | | | | | 165,078 | | | | | | 3,255 | | | | | | 132 | | | | | | — | | | | | | 3,851 | | | | | | — | | | | | | 283,183 | | |
Exchange-rate change
|
| | | | 1,558 | | | | | | — | | | | | | 1,690 | | | | | | 4 | | | | | | 269 | | | | | | (143) | | | | | | 156 | | | | | | — | | | | | | 154 | | | | | | (1,166) | | | | | | — | | | | | | 2,522 | | |
Balance
|
| | | | 20,712 | | | | | | 229 | | | | | | 197,984 | | | | | | 6,503 | | | | | | 7,115 | | | | | | 265,670 | | | | | | 10,228 | | | | | | 46,441 | | | | | | 6,084 | | | | | | 55,986 | | | | |
|
—
|
| | | | | 616,952 | | |
Accumulated depreciation | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Opening balance
|
| | | | (1,091) | | | | | | (44) | | | | | | (52,829) | | | | | | (1,404) | | | | | | (2,917) | | | | | | (30,557) | | | | | | (1,487) | | | | | | — | | | | | | (1,623) | | | | | | (14,484) | | | | | | (2) | | | | | | (106,438) | | |
Depreciation
|
| | | | (756) | | | | | | (17) | | | | | | (15,532) | | | | | | (785) | | | | | | (330) | | | | | | (32,548) | | | | | | (1,418) | | | | | | — | | | | | | (201) | | | | | | (8,456) | | | | | | — | | | | | | (60,043) | | |
Write-offs
|
| | | | 18 | | | | | | 416 | | | | | | 12,176 | | | | | | 252 | | | | | | 47 | | | | | | 11,580 | | | | | | 108 | | | | | | — | | | | | | 960 | | | | | | 1,025 | | | | | | 2 | | | | | | 26,584 | | |
Business combination (*)
|
| | | | (4,238) | | | | | | (419) | | | | | | (42,688) | | | | | | (1,156) | | | | | | (1,789) | | | | | | (91,891) | | | | | | (2,369) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (144,550) | | |
Exchange-rate change
|
| | | | 116 | | | | | | — | | | | | | (2,351) | | | | | | (6) | | | | | | (243) | | | | | | 667 | | | | | | (123) | | | | | | — | | | | | | (99) | | | | | | 1,155 | | | | | | — | | | | | | (884) | | |
Balance
|
| | |
|
(5,951)
|
| | | |
|
(64)
|
| | | |
|
(101,224)
|
| | | |
|
(3,099)
|
| | | |
|
(5,232)
|
| | | |
|
(142,749)
|
| | | |
|
(5,289)
|
| | | |
|
—
|
| | | |
|
(963)
|
| | | |
|
(20,760)
|
| | | |
|
—
|
| | | |
|
(285,331)
|
| |
Cost
|
| | | | 20,712 | | | | | | 229 | | | | | | 197,984 | | | | | | 6,503 | | | | | | 7,115 | | | | | | 265,670 | | | | | | 10,228 | | | | | | 46,441 | | | | | | 6,084 | | | | | | 55,986 | | | | | | — | | | | | | 616,952 | | |
Depreciation and amortization
|
| | | | (5,951) | | | | | | (64) | | | | | | (101,224) | | | | | | (3,099) | | | | | | (5,232) | | | | | | (142,749) | | | | | | (5,289) | | | | | | — | | | | | | (963) | | | | | | (20,760) | | | | | | — | | | | | | (285,331) | | |
| | | | | 14,761 | | | | | | 165 | | | | | | 96,760 | | | | | | 3,404 | | | | | | 1,883 | | | | | | 122,921 | | | | | | 4,939 | | | | | | 46,441 | | | | | | 5,121 | | | | | | 35,226 | | | | | | — | | | | | | 331,621 | | |
Assets
|
| |
Useful life
(in years) |
| |
Annual
weighted average rate (%) |
| ||||||
Leasehold improvements
|
| | | | 3 – 10 | | | | | | 19.08 | | |
Buildings
|
| | | | 10 – 25 | | | | | | 4.00 | | |
Vessels
|
| | | | 18 – 20 | | | | | | 5.25 | | |
Tools
|
| | | | 5 – 10 | | | | | | 15.00 | | |
Equipment
|
| | | | 3 – 10 | | | | | | 21.44 | | |
Facilities
|
| | | | 3 – 10 | | | | | | 14.17 | | |
Software license
|
| | | | 5 | | | | | | 21.90 | | |
Machinery and equipment
|
| | | | 3 – 10 | | | | | | 15.75 | | |
Machinery and equipment – fleets
|
| | | | 2,5 – 10 | | | | | | 19.60 | | |
Furniture and fixtures
|
| | | | 3 – 10 | | | | | | 14.07 | | |
Software
|
| | | | 3 – 5 | | | | | | 20.00 | | |
Vehicles
|
| | | | 3 – 25 | | | | | | 21.33 | | |
Vehicles – Fleet
|
| | | | 4 – 30 | | | | | | 14.83 | | |
Aircrafts
|
| | | | 10 | | | | | | 10.00 | | |
In percent
|
| |
%
|
| |||
Discount rate
|
| | | | 20.19 | | |
Terminal value growth rate
|
| | | | 3.4 | | |
| | |
Opening
balance on January 1st, 2022 |
| |
Business
Combination |
| |
New
agreements |
| |
Depreciation
|
| |
Cost
|
| |
Accumulated
depreciation |
| |
Net value
|
| |||||||||||||||||||||
Right-of-use
|
| | | | 35,226 | | | | | | | | | | | | 15,621 | | | | | | (4,096) | | | | | | 79,738 | | | | | | (32,987) | | | | | | 46,751 | | |
| | | | | 35,226 | | | | | | — | | | | | | 15,621 | | | | | | (4,096) | | | | | | 79,738 | | | | | | (32,987) | | | | | | 46,751 | | |
| | |
Opening
balance on January 1st, 2021 |
| |
Business
Combination |
| |
New
agreements |
| |
Depreciation
|
| |
Cost
|
| |
Accumulated
depreciation |
| |
Net value
|
| |||||||||||||||||||||
Right-of-use
|
| | | | 10,075 | | | | | | 3,851 | | | | | | 29,756 | | | | | | (8,456) | | | | | | 55,986 | | | | | | (20,760) | | | | | | 35,226 | | |
| | | | | 10,075 | | | | | | 3,851 | | | | | | 29,756 | | | | | | (8,456) | | | | | | 55,986 | | | | | | (20,760) | | | | | | 35,226 | | |
| | |
Consolidated – June 30, 2022
|
| |||||||||||||||||||||||||||||||||
| | |
Trademarks and
patents |
| |
Software
|
| |
Client
portfolio |
| |
Goodwill
|
| |
Others
|
| |
Total
|
| ||||||||||||||||||
Cost | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Opening balance
|
| | | | 2,315 | | | | | | 9,353 | | | | | | 2,074 | | | | | | 584,893 | | | | | | 853 | | | | | | 599,488 | | |
Transfers
|
| | | | — | | | | | | — | | | | | | — | | | | | | (16,658) | | | | | | — | | | | | | (16,658) | | |
Additions
|
| | | | — | | | | | | 1,465 | | | | | | — | | | | | | 180,861 | | | | | | — | | | | | | 182,326 | | |
Write-offs
|
| | | | — | | | | | | (1,198) | | | | | | — | | | | | | — | | | | | | — | | | | | | (1,198) | | |
Business combination
|
| | | | 4 | | | | | | — | | | | | | (130) | | | | | | — | | | | | | (853) | | | | | | (979) | | |
Exchange-rate change
|
| | | | — | | | | | | (1,148) | | | | | | (264) | | | | | | (28,796) | | | | | | — | | | | | | (30,208) | | |
Closing balance
|
| | | | 2,319 | | | | | | 8,472 | | | | | | 1,680 | | | | | | 720,300 | | | | | | — | | | | | | 732,771 | | |
Accumulated amortization | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Opening balances
|
| | | | — | | | | | | (3,892) | | | | | | (218) | | | | | | — | | | | | | — | | | | | | (4,110) | | |
Transfers
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Additions
|
| | | | — | | | | | | (37) | | | | | | — | | | | | | — | | | | | | — | | | | | | (37) | | |
Write-offs
|
| | | | — | | | | | | 1,198 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,198 | | |
Exchange-rate change
|
| | | | — | | | | | | 390 | | | | | | 33 | | | | | | — | | | | | | — | | | | | | 423 | | |
Closing balances
|
| | | | — | | | | | | (2,341) | | | | | | (185) | | | | | | — | | | | | | — | | | | | | (2,526) | | |
Cost
|
| | |
|
2,319
|
| | | |
|
8,472
|
| | | |
|
1,680
|
| | | |
|
720,300
|
| | | |
|
—
|
| | | |
|
732,771
|
| |
Accumulated amortization
|
| | |
|
—
|
| | | |
|
(2,341)
|
| | | |
|
(185)
|
| | | |
|
—
|
| | | |
|
—
|
| | | |
|
(2,526)
|
| |
| | | | | 2,319 | | | | | | 6,131 | | | | | | 1,495 | | | | | | 720,300 | | | | | | — | | | | | | 730,245 | | |
| | |
Combined – December 31, 2021
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Trademarks and
patents |
| |
Software
|
| |
Client
portfolio |
| |
Goodwill
|
| |
Others
|
| |
Research and
development |
| |
Total
|
| |||||||||||||||||||||
Cost | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Opening balance
|
| | | | 1,087 | | | | | | 2,454 | | | | | | 351 | | | | | | 221,466 | | | | | | 853 | | | | | | 221 | | | | | | 226,432 | | |
Additions
|
| | | | 139 | | | | | | 1,683 | | | | | | — | | | | | | 321,836 | | | | | | — | | | | | | — | | | | |
|
323,658
|
| |
Write-offs
|
| | | | — | | | | | | (455) | | | | | | — | | | | | | — | | | | | | — | | | | | | (232) | | | | |
|
(687)
|
| |
Business combination
|
| | | | 1,089 | | | | | | 5,594 | | | | | | 1,800 | | | | | | — | | | | | | — | | | | | | — | | | | |
|
8,483
|
| |
Exchange-rate change
|
| | | | — | | | | | | 77 | | | | | | (77) | | | | | | 41,591 | | | | | | — | | | | | | 11 | | | | |
|
41,602
|
| |
Closing balance
|
| | | | 2,315 | | | | | | 9,353 | | | | | | 2,074 | | | | | | 584,893 | | | | | | 853 | | | | | | — | | | | | | 599,488 | | |
Accumulated amortization | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Opening balances
|
| | | | — | | | | | | (1,615) | | | | | | — | | | | | | — | | | | | | — | | | | | | (210) | | | | | | (1,825) | | |
Amortization
|
| | | | — | | | | | | (120) | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(120)
|
| |
Write-offs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 219 | | | | |
|
219
|
| |
Business combination
|
| | | | — | | | | | | (1,877) | | | | | | (228) | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(2,105)
|
| |
Exchange-rate change
|
| | | | — | | | | | | (280) | | | | | | 10 | | | | | | — | | | | | | — | | | | | | (9) | | | | |
|
(279)
|
| |
Closing balances
|
| | | | — | | | | | | (3,892) | | | | | | (218) | | | | | | — | | | | | | — | | | | | | — | | | | | | (4,110) | | |
Cost
|
| | | | 2,315 | | | | | | 9,353 | | | | | | 2,074 | | | | | | 584,893 | | | | | | 853 | | | | | | — | | | | |
|
599,488
|
| |
Accumulated amortization
|
| | | | — | | | | | | (3,892) | | | | | | (218) | | | | | | — | | | | | | — | | | | | | — | | | | |
|
(4,110)
|
| |
| | | | | 2,315 | | | | | | 5,461 | | | | | | 1,856 | | | | | | 584,893 | | | | | | 853 | | | | | | — | | | | | | 595,378 | | |
Carrying amounts
|
| |
June 30, 2022
|
| |
December 31, 2021
|
| ||||||
Indefinite life
|
| | | | 722,619 | | | | | | 588,061 | | |
Definite life
|
| | | | 7,626 | | | | | | 7,317 | | |
| | | | | 730,245 | | | | | | 595,378 | | |
Assets
|
| |
Useful life
(in years) |
| |
Annual
amortization rate (%) |
| ||||||
Trademarks and patents (*) | | | | | | | | | | | | | |
Right-of-use of software
|
| | | | 5 | | | | | | 20% | | |
Research and development
|
| | | | 2 | | | | | | 50% | | |
Goodwill (*) | | | | | | | | | | | | | |
Client portfolio
|
| | | | 2 | | | | | | 50% | | |
| | |
Financial
charges – % p,a, (*) |
| | | | |
June 30, 2022
|
| |
December 31, 2021
|
| |||||||||||||||||||||
Description
|
| |
Maturity
|
| |
Current
|
| |
Non-current
|
| |
Current
|
| |
Non-current
|
| ||||||||||||||||||
Working capital
|
| | | | 12.49 | | | |
March 2027
|
| | | | 17,045 | | | | | | 62,337 | | | | | | 44,181 | | | | | | 44,792 | | |
Investment financing
|
| | | | 12.48 | | | |
June 2027
|
| | | | 19,471 | | | | | | 66,559 | | | | | | 14,973 | | | | | | 46,028 | | |
Financial leases liabilities
|
| | | | 7.98 | | | |
November 2025
|
| | | | 1,959 | | | | | | 2,101 | | | | | | 1,601 | | | | | | 3,729 | | |
| | | | | | | | | | | | | | 38,475 | | | | | | 130,997 | | | | | | 60,755 | | | | | | 94,549 | | |
|
Balance at January 1st, 2022
|
| | | | 155,304 | | |
|
Borrowing
|
| | | | 7,255 | | |
|
Interest expense
|
| | | | 6,320 | | |
|
Principal paid
|
| | | | (33,396) | | |
|
Interest paid
|
| | | | (5,724) | | |
|
Business Combination
|
| | | | 18,971 | | |
|
Cash for asset acquisition – non-cash event
|
| | | | 30,145 | | |
|
The effect of changes in foreign exchange rates
|
| | | | (9,403) | | |
|
Balance at June 30, 2022
|
| | | | 169,472 | | |
|
Balance at January 1st, 2021
|
| | | | 73,691 | | |
|
Borrowing
|
| | | | 50,620 | | |
|
Interest expense
|
| | | | 7,454 | | |
|
Principal paid
|
| | | | (52,152) | | |
|
Interest paid
|
| | | | (5,985) | | |
|
Business Combination
|
| | | | 59,456 | | |
|
Cash for asset acquisition – non-cash event
|
| | | | 19,818 | | |
|
The effect of changes in foreign exchange rates
|
| | | | 2,402 | | |
|
Balance at December 31, 2021
|
| | | | 155,304 | | |
Year of maturity:
|
| |
June 30,
2022 |
| |
December 31,
2021 |
| ||||||
2022
|
| | | | — | | | | | | — | | |
2023
|
| | | | 32,293 | | | | | | 33,264 | | |
2024
|
| | | | 43,613 | | | | | | 28,137 | | |
2025
|
| | | | 33,648 | | | | | | 23,743 | | |
2026
|
| | | | 17,559 | | | | | | 9,405 | | |
2027
|
| | | | 3,884 | | | | | | — | | |
| | | | | 130,997 | | | | | | 94,549 | | |
| | | | | | | | |
Consolidated and Combined
|
| |||||||||||||||||||||
| | | | | | | | |
Current
|
| |
Non Current
|
| ||||||||||||||||||
Description
|
| |
Financial
charges – % p,a, (*) |
| |
Mature
|
| |
June 30,
2022 |
| |
December 31,
2021 |
| |
June 30,
2022 |
| |
December 31,
2021 |
| ||||||||||||
Debentures
|
| |
CDI + 3.5
|
| |
February 2028
|
| | | | 13,409 | | | | | | — | | | | | | 330,201 | | | | | | — | | |
| | | | | | | | | | | 13,409 | | | | | | — | | | | | | 330,201 | | | | | | — | | |
| | |
Consolidated
|
| |
Combined
|
| ||||||
Year of maturity:
|
| |
June 30,
2022 |
| |
December 31,
2021 |
| ||||||
2023
|
| | | | 59,250 | | | | | | — | | |
2024
|
| | | | 55,250 | | | | | | — | | |
2025
|
| | | | 55,250 | | | | | | — | | |
2026
|
| | | | 160,451 | | | | | | — | | |
Total | | | | | 330,201 | | | | | | — | | |
Funding cost (long term)
|
| | |
|
(5,299)
|
| | | |
|
—
|
| |
| | |
Consolidated
|
| |
Combined
|
| ||||||
| | |
Current
|
| |
Current
|
| ||||||
| | |
June 30,
2022 |
| |
December 31,
2021 |
| ||||||
Trade payables – supply chain financing
arrangement – domestic operations |
| | | | 7,772 | | | | | | 1,145 | | |
Trade payables – supply chain financing
arrangement – foreign operations |
| | | | 43,929 | | | | | | 38,428 | | |
| | | | | 51,701 | | | | | | 39,573 | | |
| | |
Consolidated
|
| |
Combined
|
| ||||||
| | |
June 30,
2022 |
| |
December 31,
2021 |
| ||||||
Income tax
|
| | | | 5,722 | | | | | | 6,490 | | |
Social contribution
|
| | | | 1,647 | | | | | | 382 | | |
| | | | | 7,369 | | | | | | 6,872 | | |
| | |
Consolidated
|
| |
Combined
|
| ||||||||||||||||||
| | |
June 30, 2022
|
| |
December 31, 2021
|
| ||||||||||||||||||
| | |
Current
|
| |
Non-current
|
| |
Current
|
| |
Non-current
|
| ||||||||||||
PIS
|
| | | | 1,128 | | | | | | — | | | | | | 668 | | | | | | — | | |
COFINS
|
| | | | 5,201 | | | | | | — | | | | | | 3,075 | | | | | | — | | |
ICMS
|
| | | | 696 | | | | | | — | | | | | | 75 | | | | | | — | | |
ISS
|
| | | | 700 | | | | | | — | | | | | | 583 | | | | | | — | | |
IVA
|
| | | | 9,212 | | | | | | 263 | | | | | | 8,433 | | | | | | — | | |
Other taxes
|
| | | | 4,219 | | | | | | — | | | | | | 4,331 | | | | | | — | | |
Installment
|
| | | | 526 | | | | | | 7,363 | | | | | | 13 | | | | | | 4,065 | | |
IRRF
|
| | | | 591 | | | | | | — | | | | | | 500 | | | | | | — | | |
| | | | | 22,273 | | | | | | 7,626 | | | | | | 17,678 | | | | | | 4,065 | | |
| | |
June 30, 2022
|
| |
December 31, 2021
|
| ||||||||||||||||||
| | |
Current
|
| |
Non-current
|
| |
Current
|
| |
Non-current
|
| ||||||||||||
Simples National
|
| | | | 6 | | | | | | 1,168 | | | | | | — | | | | | | 1,285 | | |
Social Security – PGFN
|
| | | | — | | | | | | — | | | | | | — | | | | | | 328 | | |
Other PGFN debits
|
| | | | 94 | | | | | | 2,040 | | | | | | — | | | | | | 2,056 | | |
Social Security – RFB
|
| | | | 191 | | | | | | 1,026 | | | | | | — | | | | | | 139 | | |
Other RFB debits
|
| | | | — | | | | | | 2,103 | | | | | | — | | | | | | — | | |
Installment payment – INSS
|
| | | | — | | | | | | — | | | | | | 13 | | | | | | 124 | | |
PIS installment payment
|
| | | | — | | | | | | — | | | | | | — | | | | | | 20 | | |
COFINS Installment
|
| | | | — | | | | | | 105 | | | | | | — | | | | | | 94 | | |
Installment payment – IRRF
|
| | | | — | | | | | | 11 | | | | | | — | | | | | | 13 | | |
Other
|
| | | | 235 | | | | | | 910 | | | | | | — | | | | | | 6 | | |
| | | | | 526 | | | | | | 7,363 | | | | | | 13 | | | | | | 4,065 | | |
| | |
Consolidated
|
| |||||||||||||||
| | |
Lease liabilities
|
| |
Unwinding
interest from lease agreements |
| |
Net lease
liability |
| |||||||||
Opening balance as of January 1st, 2022
|
| | | | 36,613 | | | | | | (4,946) | | | | | | 31,667 | | |
Additions
|
| | | | 10,573 | | | | | | (5,235) | | | | | | 5,338 | | |
Business combination
|
| | | | — | | | | | | — | | | | | | — | | |
Payments – Principal
|
| | | | (7,332) | | | | | | — | | | | | | (7,332) | | |
Interest payment
|
| | | | (1,185) | | | | | | — | | | | | | (1,185) | | |
Interest appropriation
|
| | | | — | | | | | | 4,716 | | | | | | 4,716 | | |
Exchange-rate change
|
| | | | (578) | | | | | | 718 | | | | | | 140 | | |
Balance at June 30, 2022
|
| | | | 38,091 | | | | | | (4,747) | | | | | | 33,344 | | |
Current
|
| | | | 13,086 | | | | | | (1,842) | | | | | | 11,244 | | |
Non-current
|
| | | | 25,005 | | | | | | (2,905) | | | | | | 22,100 | | |
| | |
Combined
|
| |||||||||||||||
| | |
Lease liabilities
|
| |
Unwinding
interest from lease agreements |
| |
Net lease
liability |
| |||||||||
Opening balance as of January 1st, 2021
|
| | | | 10,070 | | | | | | (1,129) | | | | | | 8,941 | | |
Additions
|
| | | | 25,414 | | | | | | (4,133) | | | | | | 21,281 | | |
Business combination
|
| | | | 4,716 | | | | | | (864) | | | | | | 3,852 | | |
Payments – Principal
|
| | | | (6,820) | | | | | | — | | | | | | (6,820) | | |
Interest payment
|
| | | | (573) | | | | | | — | | | | | | (573) | | |
Interest appropriation
|
| | | | — | | | | | | 1,180 | | | | | | 1,180 | | |
Exchange-rate change
|
| | | | 3,806 | | | | | | — | | | | | | 3,806 | | |
Balance at December 31, 2021
|
| | | | 36,613 | | | | | | (4,946) | | | | | | 31,667 | | |
Current
|
| | | | 11,599 | | | | | | (1,964) | | | | | | 9,635 | | |
Non-current
|
| | | | 25,014 | | | | | | (2,982) | | | | | | 22,032 | | |
| | |
Consolidated
|
| |
Combined
|
| ||||||||||||||||||
| | |
June 30, 2022
|
| |
December 31, 2021
|
| ||||||||||||||||||
| | |
Judicial
deposits |
| |
Provision for
contingencies |
| |
Judicial
deposits |
| |
Provision for
contingencies |
| ||||||||||||
Probable contingencies: | | | | | | | | | | | | | | | | | | | | | | | | | |
Labor and social security contingencies
|
| | | | 116 | | | | | | 129 | | | | | | 147 | | | | | | 181 | | |
| | | | | 116 | | | | | | 129 | | | | | | 147 | | | | | | 181 | | |
| | |
Consolidated and
Combined |
| |||
(=) Balance at January 1st, 2021 (combined)
|
| | |
|
546
|
| |
(+) Provisions made during the year
|
| | | | 63 | | |
(-) Provisions reversed during the year
|
| | |
|
(26)
|
| |
(-) Provisions used during the year
|
| | | | (402) | | |
(=) Balance at December 31, 2021 (consolidated)
|
| | |
|
181
|
| |
(+) Provisions made during the year
|
| | | | — | | |
(-) Provisions reversed during the year
|
| | | | — | | |
(-) Provisions used during the year
|
| | | | (52) | | |
(=) Balance at June 30, 2022 (consolidated)
|
| | |
|
129
|
| |
| | |
Consolidated
|
| |
Consolidated
|
| ||||||
| | |
June 30, 2022
|
| |
December 31, 2021
|
| ||||||
Assets: | | | | | | | | | | | | | |
Loan (non-current): | | | | | | | | | | | | | |
Ambipar Participações e Empreendimentos S.A.
|
| | | | 4,500 | | | | | | 4,508 | | |
Ambipar Environment Reverse Manufacturing S.A.
|
| | | | 34 | | | | | | 622 | | |
Ambipar R&D Pesquisa, Desenvolvimento Ltda.
|
| | | | 43 | | | | | | 48 | | |
Ambipar Logistics Ltda.
|
| | | | 1,815 | | | | | | 14,477 | | |
Environmental ESG Participações S.A.
|
| | | | 9,095 | | | | | | 532 | | |
Ambipar Eco Products S.A.
|
| | | | 2,229 | | | | | | 2,261 | | |
Ambipar Workforce Solution Mão de Obra Temp, Ltda.
|
| | | | 5,578 | | | | | | 5,759 | | |
Ambipar Environmental Solutions – Soluções Ambientais Ltda.
|
| | | | 1,156 | | | | | | 5,037 | | |
Ambipar Environment Waste Logistics Ltda.
|
| | | | 925 | | | | | | 1,352 | | |
Amazon Resíduos Ltda.
|
| | | | — | | | | | | 127 | | |
Atmo Hazmat Ltda.
|
| | | | 5,403 | | | | | | — | | |
Ambipar Environmental Suprema Industrial Solutions S.A.
|
| | | | 29 | | | | | | — | | |
Ambipar Holding Canada, Inc
|
| | | | 6,935 | | | | | | — | | |
Orion Environmental Services Ltd. (OES)
|
| | | | 3,299 | | | | | | — | | |
Disal Perú S.A.C
|
| | | | — | | | | | | 3 | | |
| | | | | 41,041 | | | | | | 34,726 | | |
Liabilities: | | | | | | | | | | | | | |
Dividends payable: | | | | | | | | | | | | | |
Controlling shareholder
|
| | | | 31,154 | | | | | | 31,154 | | |
Non-controlling shareholders
|
| | | | 315 | | | | | | 315 | | |
| | | | | 31,469 | | | | | | 31,469 | | |
Loan (non-current): | | | | | | | | | | | | | |
Ambipar Participações e Empreendimentos S.A.
|
| | | | 313,570 | | | | | | 470,824 | | |
Ambipar Eco Products S.A.
|
| | | | 2,206 | | | | | | 240 | | |
Ambipar Environment Waste Logistics Ltda.
|
| | | | 1,088 | | | | | | 1,088 | | |
Ambipar Environmental Solutions – Soluções Ambientais Ltda.
|
| | | | 1,752 | | | | | | 61 | | |
Environmental ESG Participações S.A.
|
| | | | 9,095 | | | | | | 9,595 | | |
Disal Chile Sanitarios Portables Ltda.
|
| | | | 153 | | | | | | 340 | | |
Gestión de Servicios Ambientales S.A.C.
|
| | | | — | | | | | | 13 | | |
| | |
Consolidated
|
| |
Consolidated
|
| ||||||
| | |
June 30, 2022
|
| |
December 31, 2021
|
| ||||||
Ambipar Holding USA, Inc.
|
| | | | 10,233 | | | | | | — | | |
Ambipar R&D Pesquisa e Densenvolvimento Ltda.
|
| | | | 51 | | | | | | — | | |
Ambipar Logistics Ltda.
|
| | | | 1,943 | | | | | | — | | |
Disal Ambiental Holding S.A.
|
| | | | 462 | | | | | | — | | |
Ambipar Green Tech Ltda.
|
| | | | 6 | | | | | | — | | |
Ambipar Compliance Solutions S.A.
|
| | | | 3 | | | | | | — | | |
Ambipar Environmental Centroeste S.A.
|
| | | | 4 | | | | | | — | | |
Ambipar Worforce Solution Mão de Obra Temporaria Ltda.
|
| | | | 5,578 | | | | | | — | | |
Ambipar Bank Intermediação de negócios, pag e Part S.A.
|
| | | | 18,967 | | | | | | — | | |
| | | | | 365,111 | | | | | | 482,161 | | |
|
| | |
Consolidated
|
| |
Combined
|
| ||||||
| | |
June 30, 2022
|
| |
June 30, 2021
|
| ||||||
Remuneration of key personnel
|
| | |
|
5,569
|
| | | |
|
4,679
|
| |
| | |
Consolidated
|
| |
Combined
|
| ||||||
| | |
June 30, 2022
|
| |
June 30, 2021
|
| ||||||
Statement of income (business transactions) | | | | | | | | | | | | | |
Revenues | | | | | | | | | | | | | |
Disal Chile Sanitarios Portables Ltda,
|
| | | | 24 | | | | | | 47 | | |
| | | | | 24 | | | | | | 47 | | |
Costs | | | | | | | | | | | | | |
Disal Chile Sanitarios Portables Ltda,
|
| | | | — | | | | | | — | | |
| | | | | — | | | | | | — | | |
Net Income (loss)
|
| | |
|
24
|
| | | |
|
47
|
| |
| | |
2021
|
| |||
Net income for the year
|
| | | | 131,117 | | |
Destination of the legal reserve (5%)
|
| | | | (6,559) | | |
Distribution of income for the year
|
| | | | (31,140) | | |
Appropriation in unrealized profit reserve
|
| | | | 93,418 | | |
| | |
Consolidated
|
| |
Combined
|
| ||||||
Earning per share
|
| |
June 30, 2022
|
| |
June 30, 2021
|
| ||||||
Earnings per share operations attributable to shareholders of the parent company before deductions
|
| | | | 82,381 | | | | | | 52,558 | | |
Number of ordinary shares
|
| | | | 261,920,439 | | | | | | 212,898,917 | | |
Basic earnings per share (in Reais)
|
| | | | 0.31 | | | | | | 0.25 | | |
Diluted earnings per share (in Reais)
|
| | | | 0.31 | | | | | | 0.25 | | |
| | |
Response
|
| |||
| | |
Inversiones Disal Emergencias
|
| |||
Assets and liabilities acquired at fair value (*) | | | | | | | |
Cash and cash equivalents
|
| | | | 1,005 | | |
Other assets
|
| | | | 25,650 | | |
Other liabilities
|
| | | | (326) | | |
Total identifiable net assets
|
| | | | 26,329 | | |
Total amount of consideration transferred
|
| | | | 144,430 | | |
(-) Cash acquired
|
| | | | (1,005) | | |
(-) Assumed value of the obligation to pay
|
| | | | — | | |
Cash paid, net of cash received/receivable
|
| | | | 143,425 | | |
Determination of goodwill (*) | | | | | | | |
Total amount of consideration, net
|
| | | | 144,430 | | |
Total identifiable net assets
|
| | | | (26,329) | | |
Goodwill paid on expected future profitability
|
| | | | 118,101 | | |
Date of additional acquisition
|
| |
06/28/2021
|
| |||
Company that acquired control
|
| |
Emergência Participações S.A.
|
| |||
Value of acquisition
|
| |
US$26,185 (thousand)
|
| |||
Percentage acquired
|
| | | | 100% | | |
| | |
Consolidated
|
| |
Combined
|
| ||||||
| | |
June 30,2022
|
| |
June 30, 2021
|
| ||||||
Net Revenue | | | | | | | | | | | | | |
Brazil
|
| | | | 209,712 | | | | | | 103,068 | | |
Latin America (Other than Brazil)
|
| | | | 98,763 | | | | | | 61,516 | | |
Europe
|
| | | | 83,269 | | | | | | 61,325 | | |
North America
|
| | | | 262,782 | | | | | | 108,708 | | |
Total | | | | | 654,526 | | | | | | 334,617 | | |
| | |
June 30,2022
|
| |
December 31, 2021
|
| ||||||
Brazil
|
| | | | 493,565 | | | | | | 289,762 | | |
Latin America (Other than Brazil)
|
| | | | 34,626 | | | | | | 42,875 | | |
Europe
|
| | | | 104,403 | | | | | | 115,549 | | |
North America
|
| | | | 519,161 | | | | | | 478,813 | | |
Total
|
| | | | 1,151,755 | | | | | | 926,999 | | |
| | |
Consolidated
|
| |
Combined
|
| ||||||
| | |
June 30, 2022
|
| |
June 30, 2021
|
| ||||||
Net Revenue from domestic market (*)
|
| | | | 209,712 | | | | | | 103,068 | | |
Net Revenue in the foreign market
|
| | | | 444,814 | | | | | | 231,549 | | |
Net revenue from services rendered
|
| | | | 654,526 | | | | | | 334,617 | | |
| | |
Consolidated
|
| |
Combined
|
| ||||||
| | |
June 30, 2022
|
| |
June 30, 2021
|
| ||||||
Material used in the rendering of services
|
| | | | (33,248) | | | | | | (13,976) | | |
Personnel and labor charges
|
| | | | (238,161) | | | | | | (130,393) | | |
Fuels
|
| | | | (30,871) | | | | | | (9,139) | | |
Freight and tolls
|
| | | | (2,311) | | | | | | (1,079) | | |
Maintenance of machinery, appliances, equipment, and vehicles
|
| | | | (14,697) | | | | | | (13,601) | | |
Taxes
|
| | | | (15,574) | | | | | | (2,844) | | |
Rent and condominiums
|
| | | | (8,558) | | | | | | (5,071) | | |
Rental of goods, vehicles, machinery, and equipment
|
| | | | (10,581) | | | | | | (7,418) | | |
Telephony expenses
|
| | | | (1,216) | | | | | | (832) | | |
Travel expenses
|
| | | | (9,237) | | | | | | (4,600) | | |
Depreciation and amortization
|
| | | | (42,264) | | | | | | (23,709) | | |
Advertising and publicity
|
| | | | (1,225) | | | | | | (1,660) | | |
Third party services
|
| | | | (96,363) | | | | | | (32,872) | | |
Other expenses
|
| | | | (24,615) | | | | | | (17,917) | | |
| | | | | (528,921) | | | | | | (265,111) | | |
Cost of services rendered
|
| | | | (520,041) | | | | | | (251,150) | | |
General, administrative and sale
|
| | | | (14,043) | | | | | | (13,856) | | |
Other operating revenues (expenses), net
|
| | | | 5,163 | | | | | | (105) | | |
| | | | | (528,921) | | | | | | (265,111) | | |
| | |
Consolidated
|
| |
Combined
|
| ||||||
| | |
June 30, 2022
|
| |
June 30, 2021
|
| ||||||
Financial income | | | | | | | | | | | | | |
Discounts obtained
|
| | | | 91 | | | | | | 10 | | |
Interest charged
|
| | | | 564 | | | | | | 3,790 | | |
Revenues from interest earning bank deposit
|
| | | | 3,477 | | | | | | 2,112 | | |
Foreign-exchange income
|
| | | | 1,132 | | | | | | 5,273 | | |
Other
|
| | | | 271 | | | | | | 1,250 | | |
| | | | | 5,535 | | | | | | 12,435 | | |
| | |
Consolidated
|
| |
Combined
|
| ||||||
| | |
June 30, 2022
|
| |
June 30, 2021
|
| ||||||
Financial expenses | | | | | | | | | | | | | |
Interest paid
|
| | | | (2,419) | | | | | | (649) | | |
Interest right of use
|
| | | | (1,027) | | | | | | (273) | | |
Interest on loans
|
| | | | (6,320) | | | | | | (2,944) | | |
Debenture interest
|
| | | | (13,409) | | | | | | — | | |
Discounts granted
|
| | | | (1,006) | | | | | | (662) | | |
Bank expenses
|
| | | | (915) | | | | | | (539) | | |
IOF
|
| | | | (1,140) | | | | | | (455) | | |
Intercompany interest
|
| | | | (623) | | | | | | — | | |
Foreign exchange costs
|
| | | | (113) | | | | | | (298) | | |
Other
|
| | | | (1,875) | | | | | | (736) | | |
| | | | | (28,847) | | | | | | (6,556) | | |
Net financial (expense)/income
|
| | | | (23,312) | | | | | | 5,879 | | |
| | |
Consolidated
|
| |
Combined
|
| ||||||
| | |
June 30, 2022
|
| |
June 30, 2021
|
| ||||||
Current income tax and social contribution
|
| | | | (14,685) | | | | | | (11,007) | | |
Deferred income tax and social contribution
|
| | | | (5,227) | | | | | | (11,820) | | |
Income tax and social contribution expense
|
| | |
|
(19,912)
|
| | | |
|
(22,827)
|
| |
| | |
Consolidated
|
| |
Combined
|
| ||||||
| | |
June 30, 2022
|
| |
June 30, 2021
|
| ||||||
Income before income tax and social contribution
|
| | | | 102,293 | | | | | | 75,385 | | |
Tax calculated based on current rates – 34%
|
| | | | (34,780) | | | | | | (25,631) | | |
Reconciliation: | | | | | | | | | | | | | |
Equity in net income of subsidiaries
|
| | | | — | | | | | | — | | |
Recognition of deferred tax loss asset
|
| | | | 2,679 | | | | | | 5,439 | | |
Permanent difference adjustments in other jurisdictions
|
| | | | 23,334 | | | | | | 17,282 | | |
Adjustment in Tax regime Differences
|
| | | | 1,212 | | | | | | — | | |
Other adjustments in temporary and permanent differences
|
| | | | (12,357) | | | | | | (19,917) | | |
Income tax and social contribution
|
| | |
|
(19,912)
|
| | | |
|
(22,827)
|
| |
Effective rate of income tax and social contribution – %
|
| | | | 19.5% | | | | | | 30.3% | | |
| | |
Consolidated
|
| |
Combined
|
| ||||||
Tax bases – Assets
|
| |
June 30, 2022
|
| |
December 31, 2021
|
| ||||||
Tax loss and negative basis
|
| | | | (6,607) | | | | | | 17,962 | | |
Temporary differences in another jurisdiction
|
| | | | 13,722 | | | | | | 8,470 | | |
Provisions – temporary differences
|
| | | | 11,439 | | | | | | — | | |
| | | | | 18,554 | | | | | | 26,432 | | |
Income tax – 25%
|
| | | | 4,638 | | | | | | 6,608 | | |
Social contribution – 9%
|
| | | | 1,670 | | | | | | 2,379 | | |
Income tax and social contribution – assets
|
| | | | 6,308 | | | | | | 8,987 | | |
| | |
Consolidated
|
| |
Combined
|
| ||||||
Tax bases – Liabilities
|
| |
June 30, 2022
|
| |
December 31, 2021
|
| ||||||
Provisions – temporary differences
|
| | | | (36,331) | | | | | | (45,862) | | |
Temporary differences in another jurisdiction
|
| | | | (69,059) | | | | | | (52,384) | | |
| | | | | (105,390) | | | | | | (98,246) | | |
Income tax – 25%
|
| | | | (26,347) | | | | | | (24,562) | | |
Social contribution – 9%
|
| | | | (9,485) | | | | | | (8,842) | | |
Income tax and social contribution – liabilities
|
| | | | (35,832) | | | | | | (33,404) | | |
| | |
Consolidated
|
| |
Combined
|
| ||||||
Changes
|
| |
June 30, 2022
|
| |
December 31, 2021
|
| ||||||
Opening balance – assets, net of liabilities
|
| | | | (24,417) | | | | | | (7,130) | | |
Realization to statement of income
|
| | | | (5,227) | | | | | | (14,087) | | |
Other changes
|
| | | | 120 | | | | | | (3,200) | | |
Closing balance – assets, net of liabilities
|
| | | | (29,524) | | | | | | (24,417) | | |
Realization per annum
|
| |
June 30, 2022
|
| |
December 31, 2021
|
| ||||||
2022
|
| | | | 789 | | | | | | 2,247 | | |
2023
|
| | | | 1,577 | | | | | | 2,247 | | |
2024
|
| | | | 1,577 | | | | | | 2,247 | | |
2025
|
| | | | 1,577 | | | | | | 2,246 | | |
2026
|
| | | | 788 | | | | | | — | | |
| | | | | 6,308 | | | | | | 8,987 | | |
| | |
Consolidated
|
| |
Combined
|
| ||||||
| | |
June 30, 2022
|
| |
June 30, 2021
|
| ||||||
Acquisition of property, plant, and equipment by financing
|
| | | | 30,145 | | | | | | 7,977 | | |
Operational lease
|
| | | | 5,338 | | | | | | — | | |
Balance payable for acquisition of investment
|
| | | | 16,311 | | | | | | 40,331 | | |
Accumulated translation adjustment
|
| | | | (75,422) | | | | | | (14,801) | | |
Interest of non-controlling shareholders
|
| | | | 24,153 | | | | | | (22,482) | | |
Capital increase with investment receipt
|
| | | | — | | | | | | 176,000 | | |
|
Item
|
| |
Event
|
| |
Date
|
| |
Description
|
|
|
1
|
| | Business combination with HPX Corp. (“HPX”) (NYSE: HPX). | | | July 2022 | | | On July 6, 2022, the parent company Ambipar Participações e Empreendimentos S.A., informed its shareholders and the market in general that Emergencia Participações S.A. entered into a business combination agreement with HPX Corp. (“HPX”) (NYSE: HPX), a special purpose acquisition company (SPAC) (“Business Combination”). With the mentioned Business Combination, the combined company is expected to have a pro-forma enterprise value of approximately R$3.1 billion, which represents an implied EV/EBITDA multiple of 11.1x based on reported EBITDA for the last twelve months ended March 31, 2022, and pro-forma implied equity value of approximately R$2.9 billion. | |
|
2
|
| | Acquisition of 100% of the company CTA SERVIÇOS EM MEIO AMBIENTE LTDA (“CTA”). | | | July 2022 | | | In July, the company, through an acquisition of the controlled company CTA Serviços em meio ambiente Ltda. Founded in 1993, in Espírito Santo, CTA is a company specialized in environmental services, having as main areas of readiness and response to the preservation and protection of flora and recovery of fauna in cases of environmental accidents. With net revenues of R$21.6 million and EBITDA of R$5.0 million in the year. For the Group, this acquisition is strategic and has synergy with current operations in Brazil, Latin America, North America, and Europe, contributing to the portfolio complement as follows: (i) Allows access to the market of environmental emergencies of protection and restoration of | |
|
Item
|
| |
Event
|
| |
Date
|
| |
Description
|
|
| | | | | | | | | | flora and rehabilitation of fauna, Reinforcing the operational structure of emergency response of Ambipar with Rehabilitation Centers for fauna contaminated by polluting products, technical support in unified emergency command centers and support for planning, preparation and participation in simulated exercises of environmental emergencies. (ii) Increase the portfolio of services in fauna and flora consulting, with the preparation of The Protection Plans for Fauna (PPAF), associated with existing environmental monitoring services; and (iii) Create cross selling opportunities in your current customer portfolio. | |
|
3
|
| | Acquisition of 100% of the company Graham Utilities. | | | July 2022 | | | In July 2022, the subsidiary Ambipar Holding Canada announced the acquisition of 100% of the company Graham Utilities, through its subsidiary Ambipar Holding Canada Inc. Founded in 2015, Graham Utilities specializes in industrial services and emergency services for the highway, has a base strategically located 12 km from a navigation channel for the Ontario River, in Belleville, a province where Ambipar was not yet present. In 2021, it had a turnover of 3.2 million Canadian dollars, equivalent to R$14.1 million, and an EBITDA of 1.5 million Canadian dollars, equivalent to R$6.6 million. For the Group, this acquisition: (i) geographically expands the Company’s presence in North America, adding another province where the Company is present; (ii) Opens the possibility of the operation of Marine services in Canada; (iii) increases the portfolio of services and scale in North America; (iv) Generates operational, administrative synergies and cross selling opportunities; in line with its strategic growth plan, with synergy capture and potential margin maximization and return. | |
|
4
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| | Acquisition of shareholding control of the company C-Tank | | | July 2022 | | | In July 2022, the Company announced the acquisition of the shareholding control of the company C-Tank. Founded in 2015, C-Tank is a specialist in industrial and naval tank cleaning, offering onshore and offshore solutions for customers in different segments. Its operations are focused on the states of Rio de Janeiro and São Paulo and headquartered in Niterói. In 2021, C-Tank had a turnover of 41 million reais | |
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Date
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| | | | | | | | | | and an EBITDA of 19 million reais. This acquisition is strategic and generates synergies with Ambipar’s current operations, because: (i) allows entry into the marine tank cleaning segment; (ii) increases the portfolio of environmental services and solutions; (iii) brings operational and administrative efficiency and generates cross selling opportunities; and (iv) allows sharing of structure and team increasing the utilization rate and efficiency of assets. In line with other acquisitions, it scales and reinforces the one-stop shop model from which a single platform strengthens as a reference in environmental services. | |
|
5
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| | Intercompany Loan Agreement between Ambipar and Emergencia | | | July 2022 | | | On July 5, 2022, Ambipar and Emergencia entered into the Ambipar Intercompany Loan Agreement, pursuant to which Ambipar formalized the disbursement to Emergencia, under the abovementioned intercompany loans, of an aggregate amount of R$317,094,454,24. According to the Ambipar Intercompany Loan Agreement, Ambipar may elect, at any time prior to the termination of this agreement and at its sole discretion, to convert the amount (as expressed in Brazilian Reais) equivalent to US$50,500,000.00 into Emergencia’s equity, as consideration for the subscription and purchase of 5,050,000 New Pubco Class B Ordinary Shares at $10.00 per share pursuant to the Ambipar Subscription Agreement. | |
|
6
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| | Acquisition of 100% of Ridgeline Canada Inc. (“Ridgeline”). | | | August 2022 | | | Founded in 1999, Ridgeline specializes in emergency response and environmental services for companies in the oil and gas, utilities, mining and construction industries. It has 16 bases located in the provinces of British Columbia, Alberta and Saskatchewan, complementary to the current structure of Ambipar in Canada. In 2021, it had a turnover of 34.1 million Canadian dollars, equivalent to R$150.0 million, and an EBITDA of 4.2 million Canadian dollars, equivalent to R$18.5 million. For the Group, this acquisition: (i) geographically expands the Company’s presence in North America, adding new provinces in Canada where the Company was not present; (ii) increases the portfolio of environmental services offered in North America; (iii) Generates operational, administrative synergies and cross selling opportunities; in line | |
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Date
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| | | | | | | | | | with its strategic growth plan, with capture of synergies and potential margin maximization and return. | |
|
7
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| | New loan agreement with ITAU BBA International PLC | | | August 2022 | | | In August 2022, in order to finance the acquisition of Witt O'Brien's, Ambipar Holding USA Inc. entered into a loan agreement with Itau BBA International PLC, pursuant to which Itau BBA International PLC granted a loan to Ambipar Holding USA Inc. in the principal amount of $90.0 million, bearing interest of 6.36% p.a., to be paid in nine half-yearly installments from March 2023 to March 2027, with payment of principal due on September 13, 2027. | |
|
8
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| | Second Issuance of Debentures | | | September 2022 | | | Second Issuance of Debentures means the issuance by Emergencia, on September 20, 2022, of an aggregate principal amount of R$250.0 million in a single series of 250,000 unsecured, non-convertible debentures due September 20, 2028, pursuant to the Second Deed of Debentures. This amount was received by the Company in the first week of October 2022. | |
|
9
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| | Acquisition of 100% of company Witt O’Brien’s, LLC (“Witt O’Brien’s”) through its direct subsidiary Ambipar Holding USA Inc. | | | October 2022 | | | In October 2022, the Company announced the conclusion of the shareholding control of the company Witt O’Brien’s, LLC (“Witt O’Brien’s”), through its direct subsidiary Ambipar Holding USA Inc.. Created through the 2012 merger of O’Brien’s Response Management and Witt Associates, WOB is a global leader in the crisis and emergency management industry for blue-chip corporate clients and emergency and resilience programs for the public sector. In the corporate segment, WOB serves more than 1,200 customers and enjoys an attractive margin profile along with sustainable subscription-type revenues. Historically, this segment had a churn rate of less than 5%. Recent customers include 31 Fortune 100 companies, many of which are leaders in the oil, transportation, energy, media, and technology industries. The acquisition is consistent with Ambipar Response’s global expansion strategy and accelerates its growth in the United States. WOB has an experienced and multifunctional leadership team, which is aligned with the execution of its business plan. In addition, it has an organizational structure | |
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| | | | | | | | | | configured to support its growth and the integration of Ambipar Response’s existing operations in the United States. | |
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REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
Members
Witt O’Brien’s LLC
Opinion
We have audited the consolidated financial statements of Witt O’Brien’s LLC (a Delaware corporation) and subsidiaries (the “Company”), which comprise the consolidated balance sheets as of December 31, 2021 (Successor) and December 31, 2020 (Predecessor), and the related consolidated statements of income and comprehensive income, changes in members’ equity, and cash flows for the period from April 15, 2021 to December 31, 2021 (Successor), for the period from January 1, 2021 to April 14, 2021 (Predecessor), and the year ended December 31, 2020 (Predecessor), and the related notes to the financial statements.
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021 (Successor) and December 31, 2020 (Predecessor), and the results of its operations and its cash flows for the period from April 15, 2021 to December 31, 2021 (Successor), for the period from January 1, 2021 to April 14, 2021 (Predecessor) and the year ended December 31, 2020 (Predecessor) in accordance with accounting principles generally accepted in the United States of America.
Basis for opinion
We conducted our audits of the consolidated financial statements in accordance with auditing standards generally accepted in the United States of America (US GAAS). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the Company and to meet our other ethical responsibilities in accordance with the relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Responsibilities of management for the financial statements
Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date the financial statements are issued.
|
|
| | | |
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the consolidated financial statements.
In performing an audit in accordance with US GAAS, we:
•
Exercise professional judgment and maintain professional skepticism throughout the audit.
•
Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
•
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, no such opinion is expressed.
•
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the consolidated financial statements.
•
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
Fort Lauderdale, Florida
May 19, 2022 |
|
| | |
Successor
|
| | |
Predecessor
|
| ||||||
| | |
December 31,
2021 |
| | |
December 31,
2020 |
| ||||||
ASSETS
|
| | | | | | | | | | | | | |
Current Assets: | | | | | | | | | | | | | | |
Cash
|
| | | $ | 2,551 | | | | | | $ | 1,882 | | |
Receivables:
|
| | | | | | | | | | | | | |
Trade, net of allowance for doubtful accounts of $5,641 and $4,725 in 2021
and 2020, respectively |
| | | | 143,387 | | | | | | | 135,896 | | |
Other
|
| | | | 102 | | | | | | | — | | |
Prepaid expenses
|
| | | | 354 | | | | | | | 522 | | |
Other assets
|
| | | | 723 | | | | | | | 191 | | |
Total current assets
|
| | | | 147,117 | | | | | | | 138,491 | | |
Property and Equipment: | | | | | | | | | | | | | | |
Historical Cost
|
| | | | 1,224 | | | | | | | 493 | | |
Accumulated depreciation
|
| | | | (347) | | | | | | | (442) | | |
Net property and equipment
|
| | | | 877 | | | | | | | 51 | | |
Operating Lease Right-of-Use Assets
|
| | | | 3,138 | | | | | | | 1,396 | | |
Investments, at Equity, in 50% or Less Owned Companies
|
| | | | 1,297 | | | | | | | 1,247 | | |
Goodwill
|
| | | | — | | | | | | | 28,506 | | |
Intangible Assets, net of accumulated amortization of $843 and $5,432 in 2021 and 2020, respectively
|
| | | | 10,357 | | | | | | | 7,813 | | |
Deferred Income Taxes
|
| | | | 1,452 | | | | | | | 1,093 | | |
Other Assets
|
| | | | 225 | | | | | | | 225 | | |
| | | | $ | 164,463 | | | | | | $ | 178,822 | | |
LIABILITIES AND MEMBERS’ EQUITY
|
| | | | | | | | | | | | | |
Current Liabilities: | | | | | | | | | | | | | | |
Current portion of long-term operating lease liabilities
|
| | | $ | 507 | | | | | | $ | 1,412 | | |
Accounts payable and accrued expenses
|
| | | | 33,960 | | | | | | | 17,199 | | |
Accrued wages and benefits
|
| | | | 9,104 | | | | | | | 5,584 | | |
Accrued income taxes
|
| | | | — | | | | | | | 728 | | |
Contract liabilities
|
| | | | 626 | | | | | | | 596 | | |
Other current liabilities
|
| | | | 1,621 | | | | | | | 6,547 | | |
Total current liabilities
|
| | | | 45,818 | | | | | | | 32,066 | | |
Long-Term Operating Lease Liabilities
|
| | | | 2,641 | | | | | | | — | | |
Advances from SEACOR
|
| | | | 50,317 | | | | | | | 82,322 | | |
Other Liabilities
|
| | | | 1,625 | | | | | | | 2,112 | | |
Total liabilities
|
| | | | 100,401 | | | | | | | 116,500 | | |
Members’ Equity: | | | | | | | | | | | | | | |
Common stock
|
| | | | 1 | | | | | | | 1 | | |
Additional paid-in capital
|
| | | | 32,601 | | | | | | | 48,953 | | |
Retained earnings
|
| | | | 31,486 | | | | | | | 13,885 | | |
Other comprehensive loss
|
| | | | (26) | | | | | | | (517) | | |
Total members’ equity
|
| | | | 64,062 | | | | | | | 62,322 | | |
| | | | $ | 164,463 | | | | | | $ | 178,822 | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||||||||
| | |
April 15, 2021
through December 31, 2021 |
| | |
January 1, 2021
through April 14, 2021 |
| |
For the year ended
December 31, 2020 |
| |||||||||
Operating Revenues
|
| | | $ | 165,696 | | | | | | $ | 28,289 | | | | | $ | 92,480 | | |
Costs and Expenses: | | | | | | | | | | | | | | | | | | | | |
Operating
|
| | | | 98,641 | | | | | | | 18,547 | | | | | | 58,520 | | |
Administrative and general
|
| | | | 20,408 | | | | | | | 6,487 | | | | | | 28,003 | | |
Depreciation and amortization
|
| | | | 1,170 | | | | | | | 426 | | | | | | 1,335 | | |
| | | | | 120,219 | | | | | | | 25,460 | | | | | | 87,858 | | |
Operating Income
|
| | | | 45,477 | | | | | | | 2,829 | | | | | | 4,622 | | |
Other Income (Expense): | | | | | | | | | | | | | | | | | | | | |
Interest expense on advances from SEACOR
|
| | | | (2,815) | | | | | | | (767) | | | | | | (2,635) | | |
SEACOR management fees
|
| | | | (10,501) | | | | | | | (707) | | | | | | (1,700) | | |
Foreign currency losses, net
|
| | | | (17) | | | | | | | (1) | | | | | | (48) | | |
Other, net
|
| | | | 13 | | | | | | | 13 | | | | | | 149 | | |
| | | | | (13,320) | | | | | | | (1,462) | | | | | | (4,234) | | |
Income Before Income Tax Expense and Equity in Earnings of 50% or Less Owned Companies
|
| | | | 32,157 | | | | | | | 1,367 | | | | | | 388 | | |
Income Tax Expense (Benefit): | | | | | | | | | | | | | | | | | | | | |
Current
|
| | | | 1,856 | | | | | | | 339 | | | | | | 1,176 | | |
Deferred
|
| | | | (292) | | | | | | | (67) | | | | | | (1,093) | | |
| | | | | 1,564 | | | | | | | 272 | | | | | | 83 | | |
Income Before Equity in Earnings of 50% or Less Owned Companies
|
| | | | 30,593 | | | | | | | 1,095 | | | | | | 305 | | |
Equity in Earnings of 50% or Less Owned Companies, Net of Tax
|
| | | | 962 | | | | | | | 57 | | | | | | 806 | | |
Net Income
|
| | | | 31,555 | | | | | | | 1,152 | | | | | | 1,111 | | |
Other Comprehensive Loss: | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation losses, net of tax
|
| | | | (26) | | | | | | | (54) | | | | | | (121) | | |
Comprehensive Income
|
| | | $ | 31,529 | | | | | | $ | 1,098 | | | | | $ | 990 | | |
| | |
Witt O’Brien’s, LLC Members’ Equity
|
| | | | | | | |||||||||||||||||||||
| | |
Common
Stock |
| |
Additional
Paid-In Capital |
| |
Retained
Earnings |
| |
Accumulated
Other Comprehensive Loss |
| |
Total
Equity |
| |||||||||||||||
Predecessor | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2019
|
| | | $ | 1 | | | | | $ | 48,953 | | | | | $ | 12,794 | | | | | $ | (396) | | | | | $ | 61,352 | | |
Distributions to members
|
| | | | — | | | | | | — | | | | | | (20) | | | | | | — | | | | | | (20) | | |
Net income
|
| | | | — | | | | | | — | | | | | | 1,111 | | | | | | — | | | | | | 1,111 | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (121) | | | | | | (121) | | |
Year ended December 31, 2020
|
| | | | 1 | | | | | | 48,953 | | | | | | 13,885 | | | | | | (517) | | | | | | 62,322 | | |
Net income
|
| | | | — | | | | | | — | | | | | | 1,152 | | | | | | — | | | | | | 1,152 | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (54) | | | | | | (54) | | |
Period ended April 14, 2021
|
| | | $ | 1 | | | | | $ | 48,953 | | | | | $ | 15,037 | | | | | $ | (571) | | | | | $ | 63,420 | | |
Successor | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
April 15, 2021
|
| | | $ | 1 | | | | | $ | 32,601 | | | | | $ | — | | | | | $ | — | | | | | $ | 32,602 | | |
Distributions to members
|
| | | | — | | | | | | — | | | | | | (69) | | | | | | — | | | | | | (69) | | |
Net income
|
| | | | — | | | | | | — | | | | | | 31,555 | | | | | | — | | | | | | 31,555 | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (26) | | | | | | (26) | | |
Period ended December 31, 2021
|
| | | $ | 1 | | | | | $ | 32,601 | | | | | $ | 31,486 | | | | | $ | (26) | | | | | $ | 64,062 | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||||||||
| | |
April 15, 2021
through December 31, 2021 |
| | |
January 1, 2021
through April 14, 2021 |
| |
For the year ended
December 31, 2020 |
| |||||||||
Cash Flows from Operating Activities: | | | | | | | | | | | | | | | | | | | | |
Net Income
|
| | | $ | 31,555 | | | | | | $ | 1,152 | | | | | $ | 1,111 | | |
Adjustments to reconcile net income to net cash used
in operating activities: |
| | | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 1,170 | | | | | | | 426 | | | | | | 1,335 | | |
Amortization of operating lease right-of-use
assets |
| | | | 660 | | | | | | | 436 | | | | | | 1,519 | | |
Bad debt expense
|
| | | | 468 | | | | | | | 656 | | | | | | 4,502 | | |
Foreign currency losses, net
|
| | | | 17 | | | | | | | 1 | | | | | | 48 | | |
Deferred income tax benefit
|
| | | | (292) | | | | | | | (67) | | | | | | (1,093) | | |
Equity in earnings of 50% or less owned companies, net of tax
|
| | | | (962) | | | | | | | (57) | | | | | | (806) | | |
Dividends received from 50% or less owned companies
|
| | | | 903 | | | | | | | — | | | | | | 553 | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | | | | | | | | |
Increase in receivables
|
| | | | (4,472) | | | | | | | (4,274) | | | | | | (33,479) | | |
Increase (decrease) in prepaid expenses and other
assets |
| | | | (379) | | | | | | | 8 | | | | | | 321 | | |
Increase in accounts payable, accrued expenses and other liabilities
|
| | | | 8,051 | | | | | | | 4,858 | | | | | | 9,733 | | |
Net cash provided by (used in) operating activities
|
| | | | 36,719 | | | | | | | 3,139 | | | | | | (16,256) | | |
Cash Flows from Investing Activities: | | | | | | | | | | | | | | | | | | | | |
Purchases of property and equipment
|
| | | | (1,190) | | | | | | | (2) | | | | | | — | | |
Business acquisitions, net of cash acquired
|
| | | | — | | | | | | | — | | | | | | (970) | | |
Net cash used in investing activities
|
| | | | (1,190) | | | | | | | (2) | | | | | | (970) | | |
Cash Flows from Financing Activities: | | | | | | | | | | | | | | | | | | | | |
Proceeds from (payments on) advances from SEACOR, net
|
| | | | (39,779) | | | | | | | 1,872 | | | | | | 18,511 | | |
Distributions to members
|
| | | | (69) | | | | | | | — | | | | | | (20) | | |
Net cash provided by (used in) financing activities
|
| | | | (39,848) | | | | | | | 1,872 | | | | | | 18,491 | | |
Effects of Exchange Rate Changes on Cash
|
| | | | (28) | | | | | | | 7 | | | | | | 63 | | |
Net Increase (Decrease) in Cash
|
| | | | (4,347) | | | | | | | 5,016 | | | | | | 1,328 | | |
Cash, Beginning of Year
|
| | | | 6,898 | | | | | | | 1,882 | | | | | | 554 | | |
Cash, End of Year
|
| | | $ | 2,551 | | | | | | $ | 6,898 | | | | | $ | 1,882 | | |
| | |
April 15, 2021
|
| |||
Cash and cash equivalents
|
| | | $ | 6,898 | | |
Trade and other receivables
|
| | | | 139,509 | | |
Other current assets
|
| | | | 699 | | |
Property and Equipment
|
| | | | 5 | | |
Right of use assets
|
| | | | 902 | | |
Investments, at Equity, and Advances to 50% or Less Owned Companies
|
| | | | 1,236 | | |
| | |
April 15, 2021
|
| |||
Deferred Income Taxes
|
| | | | 1,160 | | |
Goodwill
|
| | | | — | | |
Intangible Assets
|
| | | | 11,200 | | |
Other Assets
|
| | | | 225 | | |
Accounts payable and other accrued liabilities
|
| | | | (18,650) | | |
Other current liabilities
|
| | | | (17,220) | | |
Operating lease liabilities
|
| | | | (909) | | |
Advances from SEACOR
|
| | | | (90,206) | | |
Other Liabilities
|
| | | | (2,247) | | |
Fair value of net assets
|
| | | $ | 32,602 | | |
|
| | |
Successor
|
| | |
Predecessor
|
| ||||||
| | |
2021
|
| | |
2020
|
| ||||||
Balance at beginning of period
|
| | | $ | 596 | | | | | | $ | 434 | | |
Previously deferred revenues recognized upon completion of performance obligation
during the period |
| | | | (596) | | | | | | | (434) | | |
Net contract liabilities arising during the period
|
| | | | 626 | | | | | | | 596 | | |
Balance at end of period
|
| | | $ | 626 | | | | | | $ | 596 | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||||||||
| | |
April 15, 2021
through December 31, 2021 |
| | |
January 1, 2021
through April 14, 2021 |
| |
For the
year ended December 31, 2020 |
| |||||||||
Revenues from Contracts with Customers: | | | | | | | | | | | | | | | | | | | | |
Time and material contracts
|
| | | $ | 104,258 | | | | | | $ | 23,621 | | | | | $ | 78,184 | | |
Per unit contracts
|
| | | | 50,841 | | | | | | | 438 | | | | | | — | | |
Retainer contracts
|
| | | | 9,020 | | | | | | | 3,457 | | | | | | 11,823 | | |
Other
|
| | | | 1,577 | | | | | | | 773 | | | | | | 2,473 | | |
| | | | $ | 165,696 | | | | | | $ | 28,289 | | | | | $ | 92,480 | | |
Successor
|
| | | | | | |
2022
|
| | | $ | 1,190 | | |
2023
|
| | | | 942 | | |
2024
|
| | | | 840 | | |
2025
|
| | | | 840 | | |
2026
|
| | | | 840 | | |
Years subsequent to 2026
|
| | | | 3,605 | | |
| | | | $ | 8,257 | | |
| | |
Predecessor
|
| |||
| | |
2020
|
| |||
Trade and other receivables
|
| | | $ | 295 | | |
Other current assets
|
| | | | 103 | | |
Property and Equipment
|
| | | | 5 | | |
Intangible Assets
|
| | | | 3,078 | | |
Accounts payable and other accrued liabilities(2)
|
| | | | (31) | | |
Other current liabilities(2)
|
| | | | (2,113) | | |
Other Liabilities(2)
|
| | | | (367) | | |
Purchase price(3)
|
| | | $ | 970 | | |
Successor
|
| | | | | | |
2022
|
| | | $ | 632 | | |
2023
|
| | | | 639 | | |
2024
|
| | | | 646 | | |
2025
|
| | | | 652 | | |
2026
|
| | | | 660 | | |
Years subsequent to 2026
|
| | | | 333 | | |
| | | | | 3,562 | | |
Interest component
|
| | | | 414 | | |
| | | | | 3,148 | | |
Current portion of long-term operating lease liabilities
|
| | | | 507 | | |
Long-term operating lease liabilities
|
| | | $ | 2,641 | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||||||||
| | |
April 15, 2021
through December 31, 2021 |
| | |
January 1, 2021
through April 14, 2021 |
| |
For the
year ended December 31, 2020 |
| |||||||||
Operating lease expense
|
| | | $ | 770 | | | | | | $ | 490 | | | | | $ | 1,519 | | |
Short-term lease expense (lease duration of twelve months or less at lease commencement)
|
| | | | 172 | | | | | | | 46 | | | | | | 14 | | |
| | | | $ | 942 | | | | | | $ | 536 | | | | | $ | 1,533 | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||||||||
| | |
April 15, 2021
through December 31, 2021 |
| | |
January 1, 2021
through April 14, 2021 |
| |
For the
year ended December 31, 2020 |
| |||||||||
Operating cash outflows from operating leases
|
| | | $ | 768 | | | | | | $ | 498 | | | | | $ | 1,707 | | |
Right-of-use assets obtained in exchange for operating lease
liabilities |
| | | $ | 2,965 | | | | | | $ | 17 | | | | | $ | (33) | | |
Weighted average remaining lease term, in years
|
| | | | 5.5 | | | | | | | 0.6 | | | | | | 0.9 | | |
Weighted average discount rate
|
| | | | 4.0% | | | | | | | 4.0% | | | | | | 4.0% | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||||||||
| | |
April 15, 2021
through December 31, 2021 |
| | |
January 1, 2021
through April 14, 2021 |
| |
Year ended
December 31, 2020 |
| |||||||||
Statutory rate
|
| | | | 21.0% | | | | | | | 21.0% | | | | | | 21.0% | | |
Foreign earnings not subject to U.S. income tax
|
| | | | (21.0)% | | | | | | | (21.0)% | | | | | | (21.0)% | | |
Foreign taxes not creditable against U.S. income tax
|
| | | | 17.3% | | | | | | | 13.4% | | | | | | (37.0)% | | |
| | | | | 17.3% | | | | | | | 13.4% | | | | | | (37.0)% | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||
| | |
2021
|
| | |
2020
|
| ||||||
Deferred tax assets: | | | | | | | | | | | | | | |
Disallowed interest deduction carryforward
|
| | | $ | 277 | | | | | | $ | 82 | | |
Temporary differences arising from allowance for doubtful accounts
|
| | | | 1,168 | | | | | | | 998 | | |
Other
|
| | | | 7 | | | | | | | 13 | | |
Total deferred tax assets
|
| | | $ | 1,452 | | | | | | $ | 1,093 | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||||||||
| | |
April 15, 2021
through December 31, 2021 |
| | |
January 1, 2021
through April 14, 2021 |
| |
Year ended
December 31, 2020 |
| |||||||||
Participation in SEACOR employee benefit plans
|
| | | $ | 460 | | | | | | $ | 176 | | | | | $ | 509 | | |
Participation in SEACOR defined contribution plan
|
| | | | 338 | | | | | | | 199 | | | | | | 499 | | |
Participation in SEACOR share award plans
|
| | | | — | | | | | | | 269 | | | | | | 185 | | |
Shared services allocation for administrative support
|
| | | | 791 | | | | | | | 346 | | | | | | 982 | | |
| | | | $ | 1,589 | | | | | | $ | 990 | | | | | $ | 2,175 | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||||||||
| | |
April 15, 2021
through December 31, 2021 |
| | |
January 1, 2021
through April 14, 2021 |
| |
For the
year ended December 31, 2020 |
| |||||||||
Income taxes paid
|
| | | $ | 2,216 | | | | | | $ | 817 | | | | | $ | 500 | | |
Schedule of Non-Cash Investing and Financing Activities: | | | | | | | | | | | | | | | | | | | | |
Right-of-use assets obtained (disposed) in exchange for operating lease liabilities
|
| | | | 2,965 | | | | | | | 17 | | | | | | (33) | | |
| | |
June 30, 2022
|
| |
December 31, 2021
|
| ||||||
ASSETS
|
| | | | | | | | | | | | |
Current Assets: | | | | | | | | | | | | | |
Cash
|
| | | $ | 1,727 | | | | | $ | 2,551 | | |
Receivables:
|
| | | | | | | | | | | | |
Trade, net of allowance for doubtful accounts of $5,515 and $5,641 in 2022 and 2021, respectively
|
| | | | 115,483 | | | | | | 143,387 | | |
Other
|
| | | | 466 | | | | | | 102 | | |
Prepaid expenses
|
| | | | 443 | | | | | | 723 | | |
Other assets
|
| | | | 330 | | | | | | 354 | | |
Total current assets
|
| | | | 118,449 | | | | | | 147,117 | | |
Property and Equipment: | | | | | | | | | | | | | |
Historical Cost
|
| | | | 1,619 | | | | | | 1,224 | | |
Accumulated depreciation
|
| | | | (643) | | | | | | (347) | | |
Net property and equipment
|
| | | | 976 | | | | | | 877 | | |
Operating Lease Right-of-Use Assets
|
| | | | 2,749 | | | | | | 3,138 | | |
Investments, at Equity, in 50% or Less Owned Companies
|
| | | | 1,736 | | | | | | 1,297 | | |
Intangible Assets, net of accumulated amortization of $1,438 and $843 in 2022
and 2021, respectively |
| | | | 9,762 | | | | | | 10,357 | | |
Deferred Income Taxes
|
| | | | 1,685 | | | | | | 1,452 | | |
Other Assets
|
| | | | 227 | | | | | | 225 | | |
| | | | $ | 135,584 | | | | | $ | 164,463 | | |
LIABILITIES AND MEMBERS’ EQUITY
|
| | | | | | | | | | | | |
Current Liabilities: | | | | | | | | | | | | | |
Current portion of long-term operating lease liabilities
|
| | | $ | 496 | | | | | $ | 507 | | |
Accounts payable and accrued expenses
|
| | | | 23,011 | | | | | | 33,960 | | |
Contract liabilities
|
| | | | 5,650 | | | | | | 626 | | |
Other current liabilities
|
| | | | 5,695 | | | | | | 10,725 | | |
Total current liabilities
|
| | | | 34,852 | | | | | | 45,818 | | |
Long-Term Operating Lease Liabilities
|
| | | | 2,266 | | | | | | 2,641 | | |
Advances from SEACOR
|
| | | | 19,397 | | | | | | 50,317 | | |
Other Liabilities
|
| | | | 1,629 | | | | | | 1,625 | | |
Total liabilities
|
| | | | 58,144 | | | | | | 100,401 | | |
Members’ Equity: | | | | | | | | | | | | | |
Common stock
|
| | | | 1 | | | | | | 1 | | |
Additional paid-in capital
|
| | | | 32,601 | | | | | | 32,601 | | |
Retained earnings
|
| | | | 44,883 | | | | | | 31,486 | | |
Other comprehensive loss
|
| | | | (45) | | | | | | (26) | | |
Total members’ equity
|
| | | | 77,440 | | | | | | 64,062 | | |
| | | | $ | 135,584 | | | | | $ | 164,463 | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||||||||
| | |
Six Months Ended
June 30, 2022 |
| |
April 15, 2021
through June 30, 2021 |
| | |
January 1, 2021
through April 14, 2021 |
| |||||||||
Operating Revenues
|
| | | $ | 89,725 | | | | | $ | 37,341 | | | | | | $ | 28,289 | | |
Costs and Expenses: | | | | | | | | | | | | | | | | | | | | |
Operating
|
| | | | 60,161 | | | | | | 21,742 | | | | | | | 18,547 | | |
Administrative and general
|
| | | | 12,484 | | | | | | 4,790 | | | | | | | 6,487 | | |
Depreciation and amortization
|
| | | | 892 | | | | | | 249 | | | | | | | 426 | | |
| | | | | 73,537 | | | | | | 26,781 | | | | | | | 25,460 | | |
Operating Income
|
| | | | 16,188 | | | | | | 10,560 | | | | | | | 2,829 | | |
Other Income (Expense): | | | | | | | | | | | | | | | | | | | | |
Interest expense on advances from SEACOR
|
| | | | (711) | | | | | | (1,001) | | | | | | | (767) | | |
SEACOR management fees
|
| | | | (1,465) | | | | | | (1,379) | | | | | | | (707) | | |
Foreign currency gains (losses), net
|
| | | | 89 | | | | | | 3 | | | | | | | (1) | | |
Other, net
|
| | | | 15 | | | | | | 6 | | | | | | | 13 | | |
| | | | | (2,072) | | | | | | (2,371) | | | | | | | (1,462) | | |
Income Before Income Tax Expense and Equity in Earnings
of 50% or Less Owned Companies |
| | | | 14,116 | | | | | | 8,189 | | | | | | | 1,367 | | |
Income Tax Expense
|
| | | | 1,014 | | | | | | 723 | | | | | | | 272 | | |
Income Before Equity in Earnings of 50% or Less Owned Companies
|
| | | | 13,102 | | | | | | 7,466 | | | | | | | 1,095 | | |
Equity in Earnings of 50% or Less Owned Companies, Net of Tax
|
| | | | 380 | | | | | | 234 | | | | | | | 57 | | |
Net Income
|
| | | | 13,482 | | | | | | 7,700 | | | | | | | 1,152 | | |
Other Comprehensive Income (Loss): | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation gains (losses), net of tax
|
| | | | (19) | | | | | | 148 | | | | | | | (54) | | |
Comprehensive Income
|
| | | $ | 13,463 | | | | | $ | 7,848 | | | | | | $ | 1,098 | | |
| | |
Witt O’Brien’s, LLC Members’ Equity
|
| |
Total
Equity |
| ||||||||||||||||||||||||
| | |
Common Stock
|
| |
Additional
Paid-In Capital |
| |
Retained
Earnings |
| |
Accumulated
Other Comprehensive Loss |
| ||||||||||||||||||
For the six months ended June 30, 2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2021
|
| | | $ | 1 | | | | | $ | 32,601 | | | | | $ | 31,486 | | | | | $ | (26) | | | | | $ | 64,062 | | |
Distributions to members
|
| | | | — | | | | | | — | | | | | | (85) | | | | | | — | | | | | | (85) | | |
Net income
|
| | | | — | | | | | | — | | | | | | 13,482 | | | | | | — | | | | | | 13,482 | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (19) | | | | | | (19) | | |
June 30, 2022
|
| | | $ | 1 | | | | | $ | 32,601 | | | | | $ | 44,883 | | | | | $ | (45) | | | | | $ | 77,440 | | |
| | |
Witt O’Brien’s, LLC Members’ Equity
|
| |
Total
Equity |
| ||||||||||||||||||||||||
Predecessor
|
| |
Common Stock
|
| |
Additional
Paid-In Capital |
| |
Retained
Earnings |
| |
Accumulated
Other Comprehensive Loss |
| ||||||||||||||||||
For the Period January 1, 2021 through April 14,
2021 |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 31, 2020
|
| | | $ | 1 | | | | | $ | 48,953 | | | | | $ | 13,885 | | | | | $ | (517) | | | | | $ | 62,322 | | |
Net income
|
| | | | — | | | | | | — | | | | | | 1,152 | | | | | | — | | | | | | 1,152 | | |
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (54) | | | | | | (54) | | |
Period Ended April 14, 2021
|
| | | $ | 1 | | | | | $ | 48,953 | | | | | $ | 15,037 | | | | | $ | (571) | | | | | $ | 63,420 | | |
| | |
Witt O’Brien’s, LLC Members’ Equity
|
| |
Total
Equity |
| ||||||||||||||||||||||||
Successor
|
| |
Common Stock
|
| |
Additional
Paid-In Capital |
| |
Retained
Earnings |
| |
Accumulated
Other Comprehensive Income |
| ||||||||||||||||||
For the Period April 15, 2021 through June 30, 2021
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
April 15, 2021
|
| | | $ | 1 | | | | | $ | 32,601 | | | | | $ | — | | | | | $ | — | | | | | $ | 32,602 | | |
Net income
|
| | | | — | | | | | | — | | | | | | 7,700 | | | | | | — | | | | | | 7,700 | | |
Other comprehensive income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 148 | | | | | | 148 | | |
Period Ended June 30, 2021
|
| | | $ | 1 | | | | | $ | 32,601 | | | | | $ | 7,700 | | | | | $ | 148 | | | | | $ | 40,450 | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||||||||
| | |
Six Months Ended
June 30, 2022 |
| |
April 15, 2021
through June 30, 2021 |
| | |
January 1, 2021
through April 14, 2021 |
| |||||||||
Net cash provided by operating activities
|
| | | $ | 30,674 | | | | | $ | 8,303 | | | | | | $ | 3,139 | | |
Cash Flows from Investing Activities: | | | | | | | | | | | | | | | | | | | | |
Purchases of property and equipment
|
| | | | (395) | | | | | | — | | | | | | | (2) | | |
Net cash used in investing activities
|
| | | | (395) | | | | | | — | | | | | | | (2) | | |
Cash Flows from Financing Activities: | | | | | | | | | | | | | | | | | | | | |
Proceeds from (payments on) advances from SEACOR, net
|
| | | | (30,909) | | | | | | (12,848) | | | | | | | 1,872 | | |
Distributions to members
|
| | | | (85) | | | | | | — | | | | | | | — | | |
Net cash provided by (used in) financing activities
|
| | | | (30,994) | | | | | | (12,848) | | | | | | | 1,872 | | |
Effects of Exchange Rate Changes on Cash
|
| | | | (109) | | | | | | (9) | | | | | | | 7 | | |
Net Increase (Decrease) in Cash
|
| | | | (824) | | | | | | (4,554) | | | | | | | 5,016 | | |
Cash, Beginning of Year
|
| | | | 2,551 | | | | | | 6,898 | | | | | | | 1,882 | | |
Cash, End of Year
|
| | | $ | 1,727 | | | | | $ | 2,344 | | | | | | $ | 6,898 | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||||||||
| | |
Six Months Ended
June 30, 2022 |
| |
April 15, 2021
through June 30, 2021 |
| | |
January 1, 2021
through April 14, 2021 |
| |||||||||
Balance at beginning of period
|
| | | $ | 626 | | | | | $ | 7,156 | | | | | | $ | 596 | | |
Previously deferred revenues recognized upon completion of
performance obligations during the period |
| | | | (312) | | | | | | (2,054) | | | | | | | (174) | | |
Net contract liabilities arising during the period
|
| | | | 5,336 | | | | | | 691 | | | | | | | 6,734 | | |
Balance at end of period
|
| | | $ | 5,650 | | | | | $ | 5,793 | | | | | | $ | 7,156 | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||||||||
| | |
Six Months Ended
June 30, 2022 |
| |
April 15, 2021
through June 30, 2021 |
| | |
January 1, 2021
through April 14, 2021 |
| |||||||||
Revenues from Contracts with Customers: | | | | | | | | | | | | | | | | | | | | |
Time and material contracts
|
| | | $ | 68,522 | | | | | $ | 24,176 | | | | | | $ | 23,621 | | |
Per unit contracts
|
| | | | 13,162 | | | | | | 10,241 | | | | | | | 438 | | |
Retainer contracts
|
| | | | 6,814 | | | | | | 2,518 | | | | | | | 3,457 | | |
Other
|
| | | | 1,227 | | | | | | 406 | | | | | | | 773 | | |
| | | | $ | 89,725 | | | | | $ | 37,341 | | | | | | $ | 28,289 | | |
| | |
Successor
|
| | |
Predecessor
|
| ||||||||||||
| | |
Six Months Ended
June 30, 2022 |
| |
April 15, 2021
through June 30, 2021 |
| | |
January 1, 2021
through April 14, 2021 |
| |||||||||
Operating lease expense
|
| | | $ | 316 | | | | | $ | 311 | | | | | | $ | 490 | | |
Short-term lease expense (lease duration of twelve months or less at lease commencement)
|
| | | | 109 | | | | | | 42 | | | | | | | 46 | | |
| | | | $ | 425 | | | | | $ | 353 | | | | | | $ | 536 | | |
|
Operating cash outflows from operating leases
|
| | | $ | 313 | | |
|
Right-of-use assets obtained in exchange for operating lease liabilities
|
| | | $ | (132) | | |
|
Weighted average remaining lease term, in years
|
| | | | 5.0 | | |
|
Weighted average discount rate
|
| | | | 4.0% | | |
|
Statutory rate
|
| | | | 21.0% | | |
|
Foreign earnings not subject to U.S. income tax
|
| | | | (21.0)% | | |
|
Foreign taxes not creditable against U.S. income tax
|
| | | | 22.9% | | |
| | | | | | 22.9% | | |
|
Participation in SEACOR employee benefit plans
|
| | | $ | 3,502 | | |
|
Participation in SEACOR defined contribution plan
|
| | | | 528 | | |
|
Shared services allocation for administrative support
|
| | | | 408 | | |
| | | | | $ | 4,438 | | |
|
Signature
|
| |
Title
|
| |
Date
|
|
|
*
Yuri Keiserman
|
| |
Chief Executive Officer
(Principal Executive Officer) |
| |
March 29, 2023
|
|
|
*
Rafael Espírito Santo
|
| |
Chief Financial Officer
(Principal Financial Officer) |
| |
March 29, 2023
|
|
|
*
Tércio Borlenghi Junior
|
| |
Chairman of the Board of Directors
|
| |
March 29, 2023
|
|
|
*
Izabel Cristina Andriotti Cruz de Oliveira
|
| | Director | | |
March 29, 2023
|
|
|
*
Alessandra Bessa Alves de Melo
|
| | Director | | |
March 29, 2023
|
|
|
/s/ Thiago da Costa Silva
Thiago da Costa Silva
|
| | Director | | |
March 29, 2023
|
|
|
*
Mariana Loyola Ferreira Sgarbi
|
| | Director | | |
March 29, 2023
|
|
|
*
Carlos Piani
|
| | Director | | |
March 29, 2023
|
|
|
Signature
|
| |
Title
|
| |
Date
|
|
|
*
Victor Almeida
|
| | Director | | |
March 29, 2023
|
|
| *By | | |
/s/ Thiago da Costa Silva
Name: Thiago da Costa Silva
Title: Attorney-in-fact |
| | | |
Exhibit 5.1
27 March 2023
Ambipar Emergency Response
c/o CO Services Cayman Limited
Willow House, Cricket Square
PO Box 10008
Grand Cayman KY1-1001
Cayman Islands
Dear Sirs and Mesdames
Ambipar Emergency Response (the “Company”)
1. Background
We have acted as counsel as to Cayman Islands law to the Company in connection with the listing of securities of the Company (the “Listing”) pursuant to the Company’s registration statement on Form F-1, including all amendments or supplements thereto, initially filed on 13 March 2023 with the United States Securities and Exchange Commission (the “Commission”) under the United States Securities Act of 1933, as amended (the “Act”) (including its exhibits, the “Registration Statement”) for the purposes of, registering with the Commission under the Act:
(a) | the issuance from time to time by the Company of up to 16,180,000 Class A Ordinary Shares of a nominal or par value of US$0.0001 each in the capital of the Company (the “Primary Class A Ordinary Shares”); and |
(b) | the offer and sale, from time to time, by the selling securityholders listed in the F-1, of up to 18,807,000 Class A Ordinary Shares (the “Secondary Class A Ordinary Shares” and together with the Primary Class A Ordinary Shares, the “Class A Ordinary Shares”) and 3,530,000 warrants to purchase Class A Ordinary Shares at an exercise price of $11.50 per share, each in the capital of the Company (with each such warrant being exercisable to purchase one Class A Ordinary Share) (the “Warrants” and together with the Class A Ordinary Shares, the “Securities”). |
“Carey Olsen” in the Cayman Islands is the business name of Carey Olsen Cayman Limited, a body corporate recognised under the Legal Practitioners (Incorporated Practice) Regulations (as revised). The use of the title “Partner” is merely to denote seniority. Services are provided on the basis of our current terms of business, which can be viewed at: http://www.careyolsen.com/termsofbusiness.pdf. CO Services Cayman Limited is regulated by the Cayman Islands Monetary Authority as the holder of a corporate services licence (No. 624643) under the Companies Management Law (as revised).
Page 2
This opinion letter is given in accordance with the terms of the Legal Matters section of the Registration Statement.
Capitalised terms used in this Opinion shall have the meanings ascribed to them in this Opinion and/or the Schedules.
2. Scope of Opinion
This Opinion is given only on the laws of the Cayman Islands in force at the date hereof and is based solely on matters of fact known to us at the date hereof. We have not investigated the laws or regulations of any jurisdiction other than the Cayman Islands (collectively, “Foreign Laws”). We express no opinion as to matters of fact or, unless expressly stated otherwise, the veracity of any representations or warranties given in or in connection with any of the documents set out in Schedule 1.
3. Documents Reviewed and Enquiries Made
In giving this Opinion we have reviewed originals, copies, conformed copies, certified copies or notarised copies of the documents set out in Schedule 1.
4. Assumptions and Qualifications
This Opinion is given on the basis that the assumptions set out in Schedule 2 (which we have not independently investigated or verified) are true, complete and accurate in all respects. In addition, this Opinion is subject to the qualifications set out in Schedule 3.
5. Opinions
We are of the opinion that:
5.1 | Due incorporation, existence and status |
The Company has been duly incorporated as an exempted company with limited liability under the Companies Act (as revised) of the Cayman Islands (the “Companies Act”), is validly existing and was, at the date of the Certificate of Good Standing, in good standing with the Registrar.
Page 3
5.2 | Issuance of Securities |
(a) | The Primary Class A Ordinary Shares (including the Class A Ordinary Shares underlying the Warrants, to be issued by the Company pursuant to the Warrant Agreement) have been duly authorised for issue by the Company, and when issued by the Company against payment in full of the consideration, in accordance with the Warrant Agreement and the Articles, as applicable, and duly registered in the Company's register of members (the “Register of Members”), will be validly issued as fully-paid and non-assessable and are not subject to any pre-emptive or similar rights under the Companies Act or pursuant to the Articles. |
(b) | The Secondary Class A Ordinary Shares, other than the Class A Ordinary Shares underlying the Warrants which are also Primary Class A Ordinary Shares, have been duly authorised by the Company and have been validly issued as fully paid and non-assessable. |
(c) | As a matter of Cayman Islands law, a share is only issued when it has been entered in the Register of Members. |
5.3 | Legal Validity |
(a) | The execution and delivery of the Business Combination Agreement, and the performance by the Company of its obligations thereunder, have been authorised by the Company, the Business Combination Agreement has been executed and delivered on behalf of the Company and constitutes the legal, valid and binding obligations of the Company enforceable in accordance with its terms. |
(b) | The performance by the Company (as a successor in title to HPX Corp. and as the surviving company resulting from a Cayman Islands law merger, dated 3 March 2023, between HPX Corp. and the Company) of its obligations under the Warrant Agreement, have been authorised by the Company, and the Warrant Agreement constitutes the legal, valid and binding obligations of the Company enforceable in accordance with its terms. |
6. Reliance
Except as specifically referred to in this Opinion we have not examined, and give no opinion on, any contracts, instruments or other documents (whether or not referred to in, or contemplated by, the Documents). We do not give any opinion on the commercial merits of any transaction contemplated or entered into under or pursuant to the Documents.
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This Opinion (and any obligations arising out of or in connection with it) is given on the basis that it shall be governed by and construed in accordance with the laws of the Cayman Islands. By relying on the opinions set out in this Opinion the addressee(s) hereby irrevocably agree(s) that the courts of the Cayman Islands are to have exclusive jurisdiction to settle any disputes which may arise in connection with this Opinion. We assume no responsibility to advise any person entitled to rely on this Opinion, or to undertake any investigations, as to any change in Cayman Islands law (or its application) or factual matters arising after the date of this Opinion, which might affect the opinions set out herein.
This Opinion is addressed to, and is solely for the benefit of, the addressee(s), their counsel and the purchasers of Securities pursuant to the Registration Statement, and may not be relied upon by any other person without our prior written consent; provided that, in connection therewith, we hereby consent to the filing of this Opinion as an exhibit to the Registration Statements and to the reference to our firm under the headings “Legal Matters”, “Description of Securities—Enforcement of Civil Liabilities—Cayman Islands” and “Enforceability of Civil Liabilities and Agent for Service of Process in the United States” in the prospectus included in the Registration Statement. In giving this consent we do not admit that we are in the category of persons whose consent is required under Section 7 of the U.S. Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.
Yours faithfully
/s/ Carey Olsen | |
Carey Olsen |
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SCHEDULE 1
DOCUMENTS REVIEWED
A. Documents Reviewed
1. | The certificate of incorporation of the Company dated 3 May 2022 and the Amended and Restated Memorandum and Articles of Association of the Company, adopted by special resolution dated 27 February 2023 and effective 3 March 2023 (collectively, the “Articles”). |
2. | A certificate of good standing relating to the Company issued by the Registrar of Companies of the Cayman Islands (the “Registrar“) dated 28 February 2023 (the “Certificate of Good Standing”). |
3. | The unanimous written resolutions of the directors of the Company (the “Directors”) passed on 10 March 2023 (the “Resolutions”). |
4. | The Registration Statement. |
5. | The business combination agreement dated 5 July 2022 between, among others, HPX Corp., the Company, Emergência Participações S.A. and Ambipar Participações e Empreendimentos S.A. (the “Business Combination Agreement”). |
6. | The warrant agreement between HPX Corp. and Continental Stock Transfer & Trust Company dated 15 July 2020 (the “Warrant Agreement” and together with the Business Combination Agreement, the “Documents”). |
B. Scope
The above are the only documents we have examined for the purposes of this Opinion.
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SCHEDULE 2
ASSUMPTIONS
1. | The full power (including both capacity and authority), legal right and good standing of each of the parties to the Documents (other than the Company under the laws of the Cayman Islands) to execute, date, unconditionally deliver and perform their obligations under, and their due authorisation, execution, dating and unconditional delivery of, the Documents. |
2. | Each Document constitutes legal, valid and binding obligations, enforceable in accordance with their terms, of each party to that Document under all laws other than, in the case of the Company, the laws of the Cayman Islands. |
3. | All authorisations, consents, filings, registrations or other requirements of governmental, judicial or public bodies and authorities required under any law (including the laws of the Cayman Islands) for any party (other than under the laws of the Cayman Islands, the Company) to execute, or deliver, or enforce any Document or perform any of its obligations under any Document have been obtained, remain valid and subsisting and have been complied with. |
4. | The choice of governing law in each of the Documents has been freely made in good faith (for example not made with any intention of avoiding provisions of the law with which the transactions under the Documents, or the documents entered into pursuant thereto, have the closest and most real connection) and, where such law is a Foreign Law, would be regarded as a valid and binding selection, which will be upheld by the courts of such jurisdiction as a matter of such governing law and all other laws (other than the laws of the Cayman Islands). There is no reason for avoiding that choice of governing law on grounds of public policy or otherwise. |
5. | No invitation, whether directly or indirectly, has been made to the public in the Cayman Islands to subscribe for the Securities. |
6. | None of the Proceeds of Crime Act (as revised) of the Cayman Islands relating to money laundering, the Misuse of Drugs Act (as revised) of the Cayman Islands relating to drug trafficking or the Terrorism Act (as revised) of the Cayman Islands relating to the financing of terrorism is relevant to the transactions contemplated by the Documents or to any payment made or to be made thereunder. |
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7. | None of the parties to the Documents, or the documents executed pursuant thereto, is acting, or will act in a matter inconsistent with United Nations sanctions as implemented under the laws of the Cayman Islands or restrictive measures adopted by the European Union Council for Common Foreign and Security Policy extended to the Cayman Islands by the Orders of Her Majesty in Council. |
8. | All necessary consents have been given, actions taken (other than those required pursuant to the laws of the Cayman Islands) and conditions met or validly waived pursuant to the Documents. |
9. | The Company has entered into, or assumed its obligations under, the Documents in good faith for bona fide commercial reasons and on arm's length terms. |
10. | The conformity to the original documents of all copy documents supplied to us (whether in hard or soft copy format). |
11. | The authenticity, accuracy and completeness of all documents supplied to us, whether as originals or copies. |
12. | The genuineness of all signatures, stamps, initials, seals, dates and markings on documents submitted to us. |
13. | No Document has been amended, modified, supplemented, revoked, rescinded or terminated since the time of its execution. |
14. | There is no document or other information or matter that has not been provided or disclosed to us, which could affect the accuracy of this Opinion. |
15. | The Company has entered into, or assumed its obligations under, the Documents as principal for its own account and not as agent or fiduciary. |
16. | No Foreign Law qualifies or affects this Opinion. |
17. | Words and phrases used in any documents that we have reviewed that are not governed by Cayman Islands law have the same meanings and effect as they would have if those documents were governed by Cayman Islands law. |
18. | The Articles will be the memorandum and articles of association of the Company in effect at the time of the issuance of the Class A Ordinary Shares (which shall include any and all Class A Ordinary Shares issuable pursuant to the Warrants). |
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19. | The Resolutions remain (or when passed will remain) in full force and effect and have not been amended, modified, supplemented, revoked, rescinded or terminated in any way. |
20. | The power and authority of the Company and the Directors have not been restricted in any way other than as set out in the Documents, memorandum and articles of association of the Company or as arising under Cayman Islands law. |
21. | The Directors at the date hereof are, and at the date of the Resolutions were or will be: Tercio Borlenghi Junior, Izabel Cristina Andriotti Cruz de Oliveira, Alessandra Bessa Alves de Melo, Thiago da Costa Silva, Mariana Loyola Ferreira Sgarbi, Carlos Piani and Victor Almeida. |
22. | There is no contractual or other obligation, prohibition or restriction (other than arising by operation of the laws of the Cayman Islands or as set out in the memorandum and articles of association of the Company) which may limit the Company's ability to enter into, assume or perform its obligations under the Documents. |
23. | There is nothing in the corporate records or minute book of the Company (which we have not inspected) which would affect this Opinion. |
24. | Prior to, and immediately following the execution of the Documents and, in the case of the Company in respect of the Warrant Agreement, the assumption by it of its obligations under the Warrant Agreement, each of the parties thereto was solvent (both on a “going concern” and “balance sheet” basis) and did not enter into, or assume their obligations under, the Documents with the intent to defraud any creditor, prefer one creditor over another or wilfully defeat any obligation owed to a creditor. |
25. | In connection with the Company's entry into or assumption, and performance of, its obligations contained in the Documents, each of its authorised representatives has acted in accordance with his fiduciary and other duties to such Company under all relevant laws (including any relevant Foreign Laws) and the applicable articles of association (including in relation to any obligation to disclose a conflict of interest in connection therewith). |
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schedule 3
QUALIFICATIONS
1. | The obligations under the Documents will not necessarily be legal, valid, binding or enforceable in all circumstances and this Opinion is not to be taken to imply that each obligation would necessarily be capable of enforcement or be enforced in all circumstances in accordance with its terms. In particular, but without limitation: |
(a) | the binding effect, validity and enforceability of obligations may be limited by laws relating to bankruptcy, administration, insolvency, moratorium, liquidation, dissolution, re-organisation and other laws of general application relating to, or affecting the rights of, creditors; |
(b) | enforcement may be limited by general principles of equity. For example, equitable remedies such as specific performance or the issuing of an injunction are available only at the discretion of the court and may not be available where, for example, damages are considered to be an adequate alternative and we therefore express no opinion on whether such remedies will be granted if sought; |
(c) | claims may be or become barred under the laws relating to the prescription and limitation of actions or may become subject to the general doctrine of estoppel or waiver in relation to representations, acts or omissions of any relevant party or may become subject to defences of set-off or counterclaim; |
(d) | the courts of the Cayman Islands may not enforce contractual provisions to the extent that the same may be illegal or contrary to public policy in the Cayman Islands (for example, a provision purporting to indemnify or exculpate a person for an action which constitutes actual fraud or a criminal offence) or, if obligations are to be performed in a jurisdiction outside the Cayman Islands, to the extent that such performance would be illegal or invalid or contrary to public policy in that jurisdiction; |
(e) | a judgment of the courts of the Cayman Islands may be required to be made in Cayman Islands dollars; |
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(f) | the courts of the Cayman Islands have jurisdiction to give judgment in the currency of the relevant obligation and statutory rates of interest will vary according to the currency of the judgment. In a liquidation proceeding, the courts of the Cayman Islands will require all debts to be proved in a common currency, which is likely to be the “functional currency” of the party being liquidated determined in accordance with applicable accountancy principles. Currency indemnity provisions have not been tested, so far as we are aware, in the courts of the Cayman Islands and as such may not be enforceable; |
(g) | the courts of the Cayman Islands may decline to accept jurisdiction in an action where they determine that there is another more appropriate forum in another jurisdiction or that a court of competent jurisdiction has already made a determination of the relevant matter or where there is litigation pending in respect thereof in another jurisdiction or it may stay proceedings if concurrent proceedings are instituted elsewhere; |
(h) | there is a presumption that the courts of the Cayman Islands will give effect to an exclusive jurisdiction clause in an agreement and upon application, may stay proceedings brought in the Cayman Islands or grant an anti-suit injunction against a party that commences proceedings elsewhere where such proceedings are in breach of the exclusive jurisdiction clause, unless a party can satisfy the courts of the Cayman Islands that it would be just and equitable to depart from that presumption (for example, not to do so would deprive one party of access to justice); |
(i) | any provision purporting to fetter any statutory power of a Cayman Islands partnership or company (for example, a provision restricting the company's power to commence winding up, to alter its memorandum and articles of association or to increase its share capital) may not be enforceable; |
(j) | provisions that purport to require parties to reach agreement in the future may be unenforceable for lack of certainty; |
(k) | the courts of the Cayman Islands may find that a hybrid dispute resolution clause, though generally recognised under Cayman Islands law, is unenforceable on the grounds, amongst others, that it confers concurrent jurisdiction on an arbitral tribunal and the courts of the Cayman Islands; |
(l) | the courts of the Cayman Islands may refuse to enforce a provision that amounts to an indemnity in respect of the costs of enforcement or of unsuccessful proceedings brought in the Cayman Islands where such courts have already made an order to that effect; |
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(m) | where the courts of the Cayman Islands determine that a contractual term may be interpreted in more than one manner the courts may employ the one that is deemed to be most consistent with business and common sense; |
(n) | it is possible that a judgment (in the Cayman Islands or elsewhere) relating to a particular agreement or instrument would be held to supersede the terms of such agreement or instrument with the effect that, notwithstanding any express term to the contrary in such agreement or instrument, such terms would cease to be binding; |
(o) | the enforcement of contractual obligations may be limited by the provisions of Cayman Islands law applicable to agreements or contracts held to have been frustrated by events happening after the relevant agreement or contract was entered into; and |
(p) | the enforcement of obligations may be invalidated or vitiated by reason of fraud, duress, undue influence, mistake, illegality or misrepresentation. |
2. | We offer no opinion as to whether the acceptance of, or the execution or performance of, the Company's obligations under the Documents will or may result in the breach or infringement of any other deed, contract or document entered into by, or binding upon, such Company (other than its articles of association). |
3. | As a matter of Cayman Islands law: |
(a) | a provision for the payment of additional moneys or the forfeiture of property or rights for breach of a contractual obligation, whether expressed by way of penalty, additional interest, liquidated damages or otherwise, will be unenforceable if such a payment or forfeiture is held to constitute a penalty. We express no opinion as to whether any provision constitutes a penalty; |
(b) | certain terms and concepts (for example the difference between “negligence” and “gross negligence”), though commonly used, have not yet been clearly defined by the courts of the Cayman Islands; |
(c) | written agreements are only effective from date on which they are signed notwithstanding that they may contain an earlier stated effective or “as of” date; |
(d) | notwithstanding that it is expressly stated as such, a power of attorney or other grant of agency (including an agent for service of process) will not be irrevocable unless, as a factual matter, it is coupled with an interest or given to secure a proprietary interest of the donee or the performance of an obligation owed to a donee; |
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(e) | notwithstanding that a breach of the provisions of a document has caused or is likely to cause damage to a party thereto, or would, on the face of such document, give rise to a specified liability or consequence, a non-breaching party may be under an obligation to take reasonable steps to mitigate any loss and the Cayman Islands courts may take any failure to do so into account when determining whether or not to award damages or grant relief to a claimant; |
(f) | the courts may, in limited circumstances (primarily in relation to fiduciary-like or long-term arrangements) imply a contractual duty of good faith on parties, notwithstanding the absence of any such express term in a document; |
(g) | only in very limited circumstances (for example, deeds poll and/or where rights are held on trust), can a person who is not party to an agreement governed by Cayman Islands law enforce the terms of that agreement against one or more of the parties thereto, unless such person has been expressly granted the right in the agreement to enforce such terms pursuant to The Contracts (Rights of Third Parties) Act, 2014 of the Cayman Islands; and |
(h) | a provision of an agreement that purports to impose obligations on a person who is not party to such agreement will not be enforceable against such person. |
4. | We offer no opinion as to the existence or value of, or any party's interest in, any property or assets. |
5. | In order to maintain an exempted company in good standing with the Registrar, annual fees must be paid and annual filings must be made with the Registrar within the prescribed periods. |
6. | A provision that a calculation, determination, opinion, exercise of power or certificate will be conclusive and binding may not be effective or enforceable if such calculation, determination, opinion, exercise of power or certificate is given unreasonably, arbitrarily or without good faith or which is fraudulent or manifestly inaccurate and will not necessarily prevent judicial enquiry into the merits of any claim. |
7. | The question of whether or not any provision of an agreement or document which is illegal, invalid, unenforceable or void may be severed from the other provisions thereof would be determined by the courts of the Cayman Islands in its discretion. |
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8. | We make no comment on references to any Foreign Laws or to any representations or warranties made in any agreement or document. |
9. | The effectiveness of terms releasing or exculpating any party from, or limiting or excluding, a liability (or duty otherwise owed) may be limited by law, and confidentiality obligations may be overridden by the requirements of legal or regulatory process or applicable law. |
10. | Failure to exercise a right, or any delay in such exercise, may operate as a waiver of that right notwithstanding a provision to the contrary. |
11. | Under Cayman Islands law, the register of members (shareholders) is prima facie evidence of title to shares and this register would not record a third party interest in such shares. However, there are certain limited circumstances where an application may be made to a Cayman Islands court for a determination on whether the register of members reflects the correct legal position. Further, the Cayman Islands court has the power to order that the register of members maintained by a company should be rectified where it considers that the register of members does not reflect the correct legal position. As far as we are aware, such applications are rarely made in the Cayman Islands and for the purposes of the opinion given in paragraph 5.2, there are no circumstances or matters of fact known to us on the date of this opinion letter which would properly form the basis for an application for an order for rectification of the register of members of the Company, but if such an application were made in respect of the Securities, then the validity of such shares may be subject to re-examination by a Cayman Islands court. |
12. | In this opinion letter, the phrase “non-assessable” means, with respect to the issuance of shares, that a shareholder shall not, in respect of the relevant shares and in the absence of a contractual arrangement, or an obligation pursuant to the memorandum and articles of association, to the contrary, have any obligation to make further contributions to the Company's assets (except in exceptional circumstances, such as involving fraud, the establishment of an agency relationship or an illegal or improper purpose or other circumstances in which a court may be prepared to pierce or lift the corporate veil). |
13. | We express no opinion on any provision in any agreement or document requiring written amendments and waivers thereof insofar as it suggests that all or other modifications, amendments or waivers could not be effectively agreed upon or granted by or between the parties. It is likely that the provisions of an agreement or document governed by Cayman Islands law may be waived or amended orally or by conduct notwithstanding any such provision. |
Exhibit 23.1
Independent Registered Public Accounting Firm’s Consent
We consent to the inclusion in this Registration Statement of Ambipar Emergency Response on Amendment No. 1 to the Form F-1 (File No. 333-270493) of our report dated April 14, 2022, with respect to our audits of the financial statements of HPX Corp. as of December 31, 2021 and 2020 and for the year ended December 31, 2021 and for the period from March 20, 2020 (inception) through December 31, 2020, which includes an explanatory paragraph as to the ability of HPX Corp. to continue as a going concern, which report appears in the prospectus, which is part of this Registration Statement. We also consent to the reference to our firm under the heading “Experts” in such prospectus.
/s/ Marcum llp
Marcum llp
New York, NY
March 29, 2023
Exhibit 23.2
CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Ambipar Emergency Response
The Cayman Islands
We hereby consent to the use in the Prospectus constituting a part of this Registration Statement of our report dated August 31, 2022, except for Note 1.2, Note 1.3, Note 3.1.15, Note 7, Note 9 and Note 23 as to which the date is December 12, 2022, relating to the combined financial statements of Emergência Participações S.A., which is contained in that Prospectus.
We also consent to the reference to us under the caption “Experts” in the Prospectus.
/s/ BDO RCS Auditores Independentes SS |
BDO RCS Auditores Independentes SS
Campinas, Brazil
March 29, 2023
Exhibit 23.3
CONSENT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTING FIRM
We have issued our report dated May 19, 2022, with respect to the consolidated financial statements of Witt O’Brien’s, LLC. as of December 31, 2021 and 2020 and for the Successor period April 15, 2021, through December 31, 2021, and the Predecessor periods January 1, 2021, through April 14, 2021, and year ended December 31, 2020, which are included in this Registration Statement. We consent to the inclusion of the aforementioned reports in this Registration Statement and to the use of our name as it appears under the caption “Experts”.
/s/ Grant Thornton LLP
Fort Lauderdale, Florida
March 29, 2023
Exhibit 107
CALCULATION OF FILING FEE TABLES
Form F-1
(Form Type)
AMBIPAR EMERGENCY RESPONSE
(Exact name of Registrant as specified in its charter)
Table 1: Newly Registered Securities
Security Type |
Security Class Title |
Fee Calculation or Carry Forward Rule |
Amount Registered (1) |
Proposed Maximum Offering Price Per Unit |
Maximum Aggregate Offering Price |
Fee Rate |
Amount of Registration Fee | |
Fees to Be Paid | Equity | Class A ordinary shares issuable on exercise of the Public Warrants (Primary Offering) | Other | 12,650,000 (2) | $10.59(3) | $133,963,500 | $110.20 per $1,000,000 | $14,762.78 |
Class A ordinary shares issuable on exercise of the Private Placement Warrants (Primary Offering) | Other | 3,530,000 (4) | $11.50(5) | $40,595,000 | $110.20 per $1,000,000 | $4,473.57 | ||
Class A ordinary shares, par value $0.0001 per share (Secondary Offering) | Other |
18,807,000 (6) |
$10.59(3) | $199,166,130 | $110.20 per $1,000,000 | $21,948.11 | ||
Warrants to purchase Class A ordinary shares (Secondary Offering) | 3,530,000 (7) | — | — | — | — (8) | |||
Carry Forward Securities | ||||||||
Carry Forward Securities | ||||||||
Total Offering Amounts | — | $373,724,630 | — | $41,184.46 | ||||
Total Fees Previously Paid | $45,350.71 | |||||||
Total Fee Offsets | — | — | — | — | ||||
Net Fee Due | — | — | — | — |
(1) Pursuant to Rule 416 under the Securities Act of 1933, as amended (the “Securities Act”), includes an indeterminable number of additional Class A ordinary shares of Ambipar Emergency Response (the “Registrant”), par value $0.0001 per share (“Class A Ordinary Shares”), that may be issued to prevent dilution from share splits, share dividends or similar transactions that could result in an increase to the number of outstanding Ordinary Shares.
(2) Consists of (i) up to 12,650,000 Class A Ordinary Shares that are issuable by the Registrant upon the exercise of 12,650,000 outstanding warrants to purchase Class A Ordinary Shares at an exercise price of $11.50 per share, which were issued on March 3, 2023 (the “Closing Date”) pursuant to the Business Combination Agreement by conversion, on a one-for-one basis, of the public warrants of HPX Corp. (“HPX”) to purchase Class A ordinary shares of HPX, par value $0.0001 per share (the “HPX Class A Ordinary Shares”) that were issued in connection with the initial public offering of HPX (the “Public Warrants”). The Public Warrants were previously registered in the Registration Statement on Form F-4 (File No. 333-268795) initially filed with the Securities and Exchange Commission on December 14, 2022.
(3) Estimated in accordance with Rule 457(c) solely for purposes of calculating the registration fee. The maximum price per Security and the maximum aggregate offering price are based on the average of the $12.10 (high) and $9.07 (low) sale price of the Class A Ordinary Shares as reported on the NYSE American on March 8, 2023, which date is within five business days of March 13, 2023, the date of the initial filing of the Registrant’s Registration Statement on Form F-1.
(4) Consists of (i) up to 676,707 Class A Ordinary Shares that are issuable by the Registrant upon the exercise of 676,707 outstanding warrants to purchase Class A Ordinary Shares at an exercise price of $11.50 per share, which were issued to HPX Capital Partners LLC (the “Sponsor”) on the Closing Date, by conversion, on a one-for-one basis, of the private warrants of HPX to purchase HPX Class A Ordinary Shares (the “Sponsor Warrants”); and (ii) up to 2,853,293 Class A Ordinary Shares that are issuable upon the exercise of 2,853,293 outstanding warrants to purchase Class A Ordinary Shares at an exercise price of $11.50 per share, which were issued to (a) certain investors (the “PIPE Investors”) in a private placement, on the Closing Date, under the PIPE financing consummated in connection with the Business Combination (the “PIPE Financing”) and (b) certain shareholders (the “Non-Redeeming Shareholders”) who entered into non-redemption agreements with the Registrant and HPX (the “Non-Redemption Agreements”) in consideration of their respective agreements not to redeem shares pursuant to such Non-Redemption Agreements (the “Investors’ Warrants” and, together with the Sponsor Warrants, the “Private Placement Warrants”).
(5) Calculated pursuant to Rule 457(g) of the Securities Act, based on the exercise price of each Warrant, which is $11.50 per Class A Ordinary Share.
(6) Consists of (i) up to 1,896,100 Class A Ordinary Shares issued to the Sponsor and certain affiliates in exchange for HPX Class A Ordinary Shares; (ii) up to 37,100 Class A Ordinary Shares issued to the Non-Redeeming Shareholders in a private placement, on the Closing Date, in consideration of their respective agreements not to redeem shares pursuant to their respective Non-Redemption Agreements; (iii) up to 13,323,800 Class A Ordinary Shares issued to the PIPE Investors in the PIPE Financing; (iv) up to 676,707 Class A Ordinary Shares issuable upon the exercise of the Sponsor Warrants; (v) up to 2,853,293 Class A Ordinary Shares issuable upon the exercise of the Investors’ Warrants; and (vi) up to 20,000 Class A Ordinary Shares issued to Mr. Rafael Salvador Grisolia in a private placement to settle 20,000 restricted stock units of the Company that were held by Mr. Grisolia.
(7) Consists of up to 676,707 Sponsor Warrants and up to 2,853,293 Investors’ Warrants.
(8) In accordance with Rule 457(g), the entire registration fee for such Warrants is allocated to the Class A Ordinary Shares underlying the Warrants, and no separate fee is payable for the Warrants.
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