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As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 2/03/23 HPX Corp. DEFM14A 1:25M Toppan Merrill/FA |
Document/Exhibit Description Pages Size 1: DEFM14A Definitive Proxy Statement - Merger or Acquisition HTML 18.68M
| tm2223223-13_defm14a - none - 195.0272608s |
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| | | | | | F-1 | | |
| |
Existing Governing Documents of HPX
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| |
Proposed Governing Documents of New PubCo
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|
| |
Authorized Share Capital
(Governing Documents Proposal 3A) |
| |||
| | HPX authorized share capital is $55,500 divided into (i) 500,000,000 HPX Class A ordinary shares, $0.0001 par value each, (ii) 50,000,000 HPX Class B ordinary shares, $0.0001 par value each, and (iii) 5,000,000 undesignated preference shares, $0.0001 par value each | | | New PubCo authorized share capital will be US$50,000 divided into (i) 250,000,000 New PubCo Class A Ordinary Shares, par value $0.0001 per New PubCo Class A Ordinary Share, (ii) 150,000,000 New PubCo Class B Ordinary Shares, par value $0.0001 per New PubCo Class B Ordinary Share, and (iii) 100,000,000 shares of such class or classes (howsoever designated) and having the rights as the board of directors of New PubCo may determine from time to time in accordance with the Proposed Governing Documents. Every holder of New PubCo Class A Ordinary Shares, present in person or by proxy and entitled to vote thereon, shall be entitled to one vote in respect of each New PubCo Class A Ordinary Share held by them. Each New PubCo Class B Ordinary Share will be entitled to 10 votes per share compared with one vote per share for New PubCo Class A Ordinary Shares. | |
| |
Method to Appoint and Elect Directors
(Governing Documents Proposal 3B) |
| |||
| | Prior to the closing of an initial business combination, HPX may appoint or remove any | | | The Proposed Governing Documents provide that director nominees must be elected by an ordinary | |
| |
Existing Governing Documents of HPX
|
| |
Proposed Governing Documents of New PubCo
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|
| | director by ordinary resolutions of the holders of HPX Class B Ordinary Shares. Prior to the closing of an initial business combination, holders of the HPX Class A Ordinary Shares have no right to vote on the appointment or removal of any director | | |
resolution of the holders of New PubCo Ordinary Shares in accordance with the Articles at each annual general meeting of New PubCo to fill the seats of those directors whose terms expire at such annual general meeting and the persons to stand for election at each annual general meeting of New PubCo shall be nominated by the directors.
Under the terms of the Business Combination Agreement, immediately following the Closing, New PubCo’s board of directors will consist of seven directors. The initial composition of New PubCo’s board of directors will be comprised of (i) five
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individuals to be designated by Ambipar, (ii) one individual to be designated by the Sponsor, provided that such director so designated shall also qualify as “independent” under Rule 10A-3 of the Exchange Act and (iii) one individual to be designated by Opportunity Agro Fund, in each case, in accordance with, and subject to, the terms and conditions of the Proposed Governing Documents.
With respect to the election of the New PubCo board of directors, under the terms of the Articles, Ambipar will have the right to nominate, appoint and remove the members of New PubCo’s board of directors as follows, (i) for so long as the aggregate voting power of New PubCo Class B Ordinary Shares held by Ambipar continues to be at least fifty percent (50%) of the total voting power of all shares, then Ambipar shall be entitled to nominate at least a majority of the directors to the board of directors; provided that at least one out of such directors shall qualify as an independent director pursuant to Rule 10A-3 under the Exchange Act and shall also be appointed as a member of the audit committee; provided, further, that if more than one director nominated by Ambipar shall be appointed as a member of the audit
committee, such member shall also qualify as an independent director pursuant to Rule 10A-3 under the Exchange Act should the applicable rules and regulations so require; or (ii) for so long as the aggregate voting power of New PubCo Class B Ordinary Shares held by Ambipar continues to be at least twenty five percent (25%), but less than fifty percent (50%), of the total voting power of all shares, then Ambipar shall be entitled to nominate at least one-third of the directors to the board of directors. Ambipar will own all of the outstanding New PubCo Class B Ordinary Shares. For so long as the Sponsor is subject to the transfer restrictions with respect to its New PubCo Class A Ordinary Shares pursuant to the terms of the Investor Rights
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|
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Existing Governing Documents of HPX
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| |
Proposed Governing Documents of New PubCo
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| | | | | Agreement, the Sponsor shall be entitled to nominate one director by written notice served upon New PubCo; provided that such Sponsor director shall qualify as an independent director. The Sponsor director shall also be appointed as a member of the audit committee, provided that the Sponsor director shall be considered an independent director pursuant to Rule 10A-3 under the Exchange Act. For so long as Opportunity Agro Fund shall hold at least fifty percent (50%) of the New PubCo Class A Ordinary Share voting power held by Opportunity Agro Fund immediately after Closing, Opportunity Agro Fund shall be entitled to nominate one director by written notice served upon the New PubCo. | |
| | | | |
Each of Ambipar, the Sponsor and Opportunity Agro Fund, as applicable, shall have the exclusive right to appoint and remove the respective directors appointed by it, and appoint replacement directors. Any such directors shall be nominated, appointed and removed only by Ambipar, the Sponsor or Opportunity Agro Fund, as the case may be, by written notice served upon New PubCo. Such appointment or removal by Ambipar, the Sponsor or Opportunity Agro Fund, as applicable, shall have immediate effect when the notice is served, or take effect at such later time as may be stated in such notice.
Each director shall hold office for such term as the resolution appointing him may determine or until his vacation of office as a director or the director’s removal in accordance with the Proposed Governing Documents notwithstanding any agreement between New PubCo and such director. Directors are eligible for re-election.
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|
| |
Other Changes in Connection with Adoption of the Proposed Governing Documents
(Governing Documents Proposal 3C) |
| |||
| | The Existing Governing Documents include provisions related to HPX’s status as a blank check company prior to the consummation of a business combination | | | The Proposed Governing Documents do not include such provisions related to a blank check company, because following the consummation of the Business Combination, New PubCo will not be a blank check company. The Proposed Governing Documents do not contain the requirement to dissolve New PubCo allowing it to continue as a corporate entity with perpetual existence following the Business Combination. | |
| | | |
Share Ownership in New PubCo(1)(2)
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| | | |
Minimum Redemptions(3)
|
| |
Intermediate Redemptions(4)
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| |
Maximum Redemptions(5)
|
| |||||||||||||||||||||||||||
| | | |
Percentage
of total Outstanding Shares (Class A Ordinary Shares and Class B Ordinary Shares) |
| |
Percentage
of total Voting Power (Class A Ordinary Shares and Class B Ordinary Shares) |
| |
Percentage
of total Outstanding Shares (Class A Ordinary Shares and Class B Ordinary Shares) |
| |
Percentage
of total Voting Power (Class A Ordinary Shares and Class B Ordinary Shares) |
| |
Percentage
of total Outstanding Shares (Class A Ordinary Shares and Class B Ordinary Shares) |
| |
Percentage
of total Voting Power (Class A Ordinary Shares and Class B Ordinary Shares) |
| ||||||||||||||||||
|
HPX shareholders (other than the Sponsor and its affiliates (consisting of the Insiders and Rafael Grisolia))(6)
|
| | | | 3.9% | | | | | | 0.5% | | | | | | 2.5% | | | | | | 0.3% | | | | | | 1.1% | | | | | | 0.2% | | |
|
Sponsor and its affiliates (consisting of the
Insiders and Rafael Grisolia)(7)(8)(9) |
| | | | 3.4% | | | | | | 0.5% | | | | | | 3.5% | | | | | | 0.5% | | | | | | 3.5% | | | | | | 0.5% | | |
|
PIPE Investors(6)
|
| | | | 22.9% | | | | | | 3.2% | | | | | | 23.2% | | | | | | 3.2% | | | | | | 23.6% | | | | | | 3.2% | | |
| Ambipar(10) | | | | | 69.8% | | | | | | 95.8% | | | | | | 70.8% | | | | | | 96.0% | | | | | | 71.8% | | | | | | 96.2% | | |
| | | |
New PubCo Net Proceeds to the Balance Sheet
(US$) |
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Minimum
Redemptions(1) |
| |
Intermediate
Redemptions(2) |
| |
Maximum
Redemptions(3) |
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|
Funding available from PIPE Financing(4)
|
| | | | 111,500,000 | | | | | | 111,500,000 | | | | | | 111,500,000 | | |
|
Funding available from Non-Redeeming Shareholders(4)
|
| | | | 6,000,000 | | | | | | 6,000,000 | | | | | | 6,000,000 | | |
|
Funding available from Ambipar Debt Conversion(5)
|
| | | | 50,500,000 | | | | | | 50,500,000 | | | | | | 50,500,000 | | |
|
Funding available from HPX public shareholders(6)
|
| | | | 15,765,440 | | | | | | 7,882,720 | | | | | | 0 | | |
|
(=)Total Funding
|
| | | | 183,765,440 | | | | | | 175,882,720 | | | | | | 168,000,000 | | |
|
(-) Deal expenses(7)
|
| | | | 18,000,000 | | | | | | 18,000,000 | | | | | | 18,000,000 | | |
|
(=) Total Net Proceeds
|
| | | | 165,765,440 | | | | | | 157,882,720 | | | | | | 150,000,000 | | |
|
Q:
|
What happens if I sell my shares of HPX Ordinary Shares before the extraordinary general meeting of shareholders? A: |
The record date for the extraordinary general meeting of shareholders will be earlier than the date that the Business Combination is expected to be completed. If you transfer your shares of HPX Ordinary Shares after the record date, but before the extraordinary general meeting of shareholders, unless the transferee obtains from you a proxy to vote those shares, you will retain your right to vote at the extraordinary general meeting of shareholders. However, you will not be entitled to receive any New PubCo Ordinary Shares following the Closing because only HPX’s shareholders on the date of the Closing will be entitled to receive New PubCo Ordinary Shares in connection with the Closing. |
| | | |
HPX Class A
Ordinary Shares(1) |
| |
HPX
Restricted Stock Units(2) |
| |
Value of
HPX Class A Ordinary Shares or HPX Restricted Stock Units, as applicable, assuming a value of $10.00 per share/unit(3) |
| |
Value of
HPX Class A Ordinary Shares or HPX Restricted Stock Units, as applicable, based on recent trading price(4) |
| ||||||||||||
| Sponsor(5) | | | | | 1,860,000 | | | | | | — | | | | | $ | 18,600,000 | | | | | $ | 18,358,200 | | |
| | | | | 620,000 | | | | | | — | | | | | $ | 6,200,000 | | | | | $ | 6,119,400 | | | |
| | | |
HPX Class A
Ordinary Shares(1) |
| |
HPX
Restricted Stock Units(2) |
| |
Value of
HPX Class A Ordinary Shares or HPX Restricted Stock Units, as applicable, assuming a value of $10.00 per share/unit(3) |
| |
Value of
HPX Class A Ordinary Shares or HPX Restricted Stock Units, as applicable, based on recent trading price(4) |
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|
Carlos Piani(5)
|
| | | | 620,000 | | | | | | — | | | | | $ | 6,200,000 | | | | | $ | 6,119,400 | | |
| | | | | 620,000 | | | | | | — | | | | | $ | 6,200,000 | | | | | $ | 6,119,400 | | | |
| | | | | 20,000 | | | | | | — | | | | | $ | 200,000 | | | | | $ | 197,400 | | | |
|
Wolney Betiol
|
| | | | 20,000 | | | | | | — | | | | | $ | 200,000 | | | | | $ | 197,400 | | |
| | | | | 20,000 | | | | | | — | | | | | $ | 200,000 | | | | | $ | 197,400 | | | |
|
Rafael Grisolia
|
| | | | — | | | | | | 20,000 | | | | | $ | 200,000 | | | | | $ | 197,400 | | |
![[MISSING IMAGE: tm2223223d2-fc_emergenbw.jpg]](/DB/SEC/2023-000/1104/659-0106/36-020.jpg "Photo -- [MISSING IMAGE: tm2223223d2-fc_emergenbw.jpg]")
![[MISSING IMAGE: tm2223223d2-fc_depictsbw.jpg]](/DB/SEC/2023-000/1104/659-0106/36-019.jpg "Photo -- [MISSING IMAGE: tm2223223d2-fc_depictsbw.jpg]")
![[MISSING IMAGE: tm2223223d2-fc_capitalbw.jpg]](/DB/SEC/2023-000/1104/659-0106/36-018.jpg "Photo -- [MISSING IMAGE: tm2223223d2-fc_capitalbw.jpg]")
![[MISSING IMAGE: tm2223223d2-fc_structbw.jpg]](/DB/SEC/2023-000/1104/659-0106/36-021.jpg "Photo -- [MISSING IMAGE: tm2223223d2-fc_structbw.jpg]")
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Share Ownership in New PubCo(1)(2)
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Minimum Redemptions(3)
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Intermediate Redemptions(4)
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Maximum Redemptions(5)
|
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Percentage
of total Outstanding Shares (Class A Ordinary Shares and Class B Ordinary Shares) |
| |
Percentage
of total Voting Power (Class A Ordinary Shares and Class B Ordinary Shares) |
| |
Percentage
of total Outstanding Shares (Class A Ordinary Shares and Class B Ordinary Shares) |
| |
Percentage
of total Voting Power (Class A Ordinary Shares and Class B Ordinary Shares) |
| |
Percentage
of total Outstanding Shares (Class A Ordinary Shares and Class B Ordinary Shares) |
| |
Percentage
of total Voting Power (Class A Ordinary Shares and Class B Ordinary Shares) |
| ||||||||||||||||||
|
HPX shareholders (other than
the Sponsor and its affiliates (consisting of the Insiders and Rafael Grisolia))(6) |
| | | | 3.9% | | | | | | 0.5% | | | | | | 2.5% | | | | | | 0.3% | | | | | | 1.1% | | | | | | 0.2% | | |
| | | |
Share Ownership in New PubCo(1)(2)
|
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Minimum Redemptions(3)
|
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Intermediate Redemptions(4)
|
| |
Maximum Redemptions(5)
|
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Percentage
of total Outstanding Shares (Class A Ordinary Shares and Class B Ordinary Shares) |
| |
Percentage
of total Voting Power (Class A Ordinary Shares and Class B Ordinary Shares) |
| |
Percentage
of total Outstanding Shares (Class A Ordinary Shares and Class B Ordinary Shares) |
| |
Percentage
of total Voting Power (Class A Ordinary Shares and Class B Ordinary Shares) |
| |
Percentage
of total Outstanding Shares (Class A Ordinary Shares and Class B Ordinary Shares) |
| |
Percentage
of total Voting Power (Class A Ordinary Shares and Class B Ordinary Shares) |
| ||||||||||||||||||
|
Sponsor and its affiliates (consisting of the Insiders and Rafael Grisolia)(7)(8)(9)
|
| | | | 3.4% | | | | | | 0.5% | | | | | | 3.5% | | | | | | 0.5% | | | | | | 3.5% | | | | | | 0.5% | | |
|
PIPE Investors(6)
|
| | | | 22.9% | | | | | | 3.2% | | | | | | 23.2% | | | | | | 3.2% | | | | | | 23.6% | | | | | | 3.2% | | |
| Ambipar(10) | | | | | 69.8% | | | | | | 95.8% | | | | | | 70.8% | | | | | | 96.0% | | | | | | 71.8% | | | | | | 96.2% | | |
| | | |
Share Ownership in New PubCo(1)
|
| |||||||||||||||||||||||||||||||||
| | | |
Minimum
Redemptions(2) |
| |
Intermediate
Redemptions(3) |
| |
Maximum
Redemptions(4) |
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|
Base Case Scenario
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| ||||||||||||||||||
|
Total New PubCo Ordinary Shares Outstanding as of Immediately After the Business Combination
|
| | | | 56,745,534 | | | | | | 66.4% | | | | | | 55,957,262 | | | | | | 66.1% | | | | | | 55,168,990 | | | | | | 65.8% | | |
|
New PubCo Warrants(5)
|
| | | | 16,180,000 | | | | | | 18.9% | | | | | | 16,180,000 | | | | | | 19.1% | | | | | | 16,180,000 | | | | |
|
19.3%
|
| |
|
Earn-Out Shares(6)
|
| | | | 11,000,000 | | | | | | 12.9% | | | | | | 11,000,000 | | | | | | 13.0% | | | | | | 11,000,000 | | | | |
|
13.1%
|
| |
|
Working Capital Warrants(7)
|
| | | | 1,500,000 | | | | | | 1.8% | | | | | | 1,500,000 | | | | | | 1.8% | | | | | | 1,500,000 | | | | |
|
1.8%
|
| |
| Total | | | | | 85,425,534 | | | | | | 100.0% | | | | | | 84,637,262 | | | | | | 100.0% | | | | | | 83,848,990 | | | | | | 100.0% | | |
| | | |
Share Ownership in New PubCo(1)
|
| |||||||||||||||||||||||||||||||||
| | | |
Minimum
Redemptions(2) |
| |
Intermediate
Redemptions(3) |
| |
Maximum
Redemptions(4) |
| |||||||||||||||||||||||||||
| | | |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| ||||||||||||||||||
|
Total New PubCo Ordinary Shares Outstanding as of Immediately After the Business Combination
|
| | | | 56,745,534 | | | | | | n.a. | | | | | | 55,957,262 | | | | | | n.a. | | | | | | 55,168,990 | | | | | | n.a. | | |
|
New PubCo Warrants(5)
|
| | | | 16,180,000 | | | | | | n.a. | | | | | | 16,180,000 | | | | | | n.a. | | | | | | 16,180,000 | | | | | | n.a. | | |
|
HPX shareholders (other than the Sponsor
and its affiliates (consisting of the Insiders and Rafael Grisolia))(5)(6) |
| | | | 15,002,944 | | | | | | 20.6% | | | | | | 14,214,672 | | | | | | 19.7% | | | | | | 13,426,400 | | | | | | 18.8% | | |
|
Sponsor and its affiliates (consisting of the
Insiders and Rafael Grisolia)(5)(7) |
| | | | 2,752,500 | | | | | | 3.8% | | | | | | 2,752,500 | | | | | | 3.8% | | | | | | 2,752,500 | | | | | | 3.9% | | |
|
PIPE Investors(5)(6)
|
| | | | 15,578,100 | | | | | | 21.4% | | | | | | 15,578,100 | | | | | | 21.6% | | | | | | 15,578,100 | | | | | | 21.8% | | |
|
Ambipar
|
| | | | 39,591,990 | | | | | | 54.3% | | | | | | 39,591,990 | | | | | | 54.9% | | | | | | 39,591,990 | | | | | | 55.5% | | |
|
Total New PubCo Ordinary Shares Outstanding After the Exercise of New PubCo Warrants
|
| | | | 72,925,534 | | | | | | 100.0% | | | | | | 72,137,262 | | | | | | 100.0% | | | | | | 71,348,990 | | | | | | 100.0% | | |
| | | |
Share Ownership in New PubCo(1)
|
| |||||||||||||||||||||||||||||||||
| | | |
Minimum
Redemptions(2) |
| |
Intermediate
Redemptions(3) |
| |
Maximum
Redemptions(4) |
| |||||||||||||||||||||||||||
| | | |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| ||||||||||||||||||
|
Total New PubCo Ordinary Shares Outstanding as of Immediately After the Business Combination
|
| | | | 56,745,534 | | | | | | n.a. | | | | | | 55,957,262 | | | | | | n.a. | | | | | | 55,168,990 | | | | | | n.a. | | |
|
Earn-Out Shares(5)
|
| | | | 11,000,000 | | | | | | n.a. | | | | | | 11,000,000 | | | | | | n.a. | | | | | | 11,000,000 | | | | | | n.a. | | |
|
HPX shareholders (other than the Sponsor
and its affiliates (consisting of the Insiders and Rafael Grisolia))(6) |
| | | | 2,202,944 | | | | | | 3.3% | | | | | | 1,414,672 | | | | | | 2.1% | | | | | | 626,400 | | | | | | 0.9% | | |
|
Sponsor and its affiliates (consisting of the
Insiders and Rafael Grisolia)(7) |
| | | | 1,940,000 | | | | | | 2.9% | | | | | | 1,940,000 | | | | | | 2.9% | | | | | | 1,940,000 | | | | | | 2.9% | | |
|
PIPE Investors(6)
|
| | | | 13,010,600 | | | | | | 19.2% | | | | | | 13,010,600 | | | | | | 19.4% | | | | | | 13,010,600 | | | | | | 19.7% | | |
|
Ambipar(5)
|
| | | | 50,591,990 | | | | | | 74.7% | | | | | | 50,591,990 | | | | | | 75.6% | | | | | | 50,591,990 | | | | | | 76.5% | | |
|
Total New PubCo Ordinary Shares
Outstanding After the Issuance of Earn-Out Shares |
| | | | 67,745,534 | | | | | | 100.0% | | | | | | 66,957,262 | | | | | | 100.0% | | | | | | 66,168,990 | | | | | | 100.0% | | |
| | | |
Share Ownership in New PubCo(1)
|
| |||||||||||||||||||||||||||||||||
| | | |
Minimum
Redemptions(2) |
| |
Intermediate
Redemptions(3) |
| |
Maximum
Redemptions(4) |
| |||||||||||||||||||||||||||
| | | |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| |
Shares
|
| |
%
|
| ||||||||||||||||||
|
Total New PubCo Ordinary Shares Outstanding as of Immediately After the Business Combination
|
| | | | 56,745,534 | | | | | | n.a. | | | | | | 55,957,262 | | | | | | n.a. | | | | | | 55,168,990 | | | | | | n.a. | | |
|
Working Capital Warrants(5)
|
| | | | 1,500,000 | | | | | | n.a. | | | | | | 1,500,000 | | | | | | n.a. | | | | | | 1,500,000 | | | | | | n.a. | | |
|
HPX shareholders (other than the Sponsor
and its affiliates (consisting of the Insiders and Rafael Grisolia))(6) |
| | | | 2,202,944 | | | | | | 3.8% | | | | | | 1,414,672 | | | | | | 2.5% | | | | | | 626,400 | | | | | | 1.1% | | |
|
Sponsor and its affiliates (consisting of the
Insiders and Rafael Grisolia)(5)(7) |
| | | | 3,440,000 | | | | | | 5.9% | | | | | | 3,440,000 | | | | | | 6.0% | | | | | | 3,440,000 | | | | | | 6.1% | | |
|
PIPE Investors(6)
|
| | | | 13,010,600 | | | | | | 22.3% | | | | | | 13,010,600 | | | | | | 22.6% | | | | | | 13,010,600 | | | | | | 23.0% | | |
|
Ambipar
|
| | | | 39,591,990 | | | | | | 68.0% | | | | | | 39,591,990 | | | | | | 68.9% | | | | | | 39,591,990 | | | | | | 69.9% | | |
|
Total New PubCo Ordinary Shares Outstanding After the Exercise of Working Capital Warrants
|
| | | | 58,245,534 | | | | | | 100.0% | | | | | | 57,457,262 | | | | | | 100.0% | | | | | | 56,668,990 | | | | | | 100.0% | | |
| | | |
HPX Class A
Ordinary Shares(1) |
| |
HPX Restricted
Stock Units(2) |
| |
Value of HPX
Class A Ordinary Shares or HPX Restricted Stock Units, as applicable, assuming a value of $10.00 per share/unit(3) |
| |
Value of HPX
Class A Ordinary Shares or HPX Restricted Stock Units, as applicable, based on recent trading price(4) |
| ||||||||||||
| Sponsor(5) | | | | | 1,860,000 | | | | | | — | | | | | $ | 18,600,000 | | | | | $ | 18,358,200 | | |
| | | | | 620,000 | | | | | | — | | | | | $ | 6,200,000 | | | | | $ | 6,119,400 | | | |
|
Carlos Piani(5)
|
| | | | 620,000 | | | | | | — | | | | | $ | 6,200,000 | | | | | $ | 6,119,400 | | |
| | | | | 620,000 | | | | | | — | | | | | $ | 6,200,000 | | | | | $ | 6,119,400 | | | |
| | | | | 20,000 | | | | | | — | | | | | $ | 200,000 | | | | | $ | 197,400 | | | |
|
Wolney Betiol
|
| | | | 20,000 | | | | | | — | | | | | $ | 200,000 | | | | | $ | 197,400 | | |
| | | | | 20,000 | | | | | | — | | | | | $ | 200,000 | | | | | $ | 197,400 | | | |
| | | |
HPX Class A
Ordinary Shares(1) |
| |
HPX Restricted
Stock Units(2) |
| |
Value of HPX
Class A Ordinary Shares or HPX Restricted Stock Units, as applicable, assuming a value of $10.00 per share/unit(3) |
| |
Value of HPX
Class A Ordinary Shares or HPX Restricted Stock Units, as applicable, based on recent trading price(4) |
| ||||||||||||
|
Rafael Grisolia
|
| | | | — | | | | | | 20,000 | | | | | $ | 200,000 | | | | | $ | 197,400 | | |
| | | |
For the nine months ended September 30,
|
| |||||||||||||||||||||
| | | | | |
2022
|
| |
2021
|
| |
Variation
|
| |||||||||||||
| | | |
(Unaudited)
|
| |||||||||||||||||||||
| | | |
(in US$ millions)(1)
|
| |
(in R$ millions)
|
| |
%
|
| |||||||||||||||
|
Net revenue
|
| | | | 194.7 | | | | | | 1,052.6 | | | | | | 567.5 | | | | | | 85.5% | | |
|
Cost of services rendered
|
| | | | (153.5) | | | | | | (830.2) | | | | | | (439.7) | | | | | | 88.8% | | |
|
Gross profit
|
| | | | 41.1 | | | | | | 222.4 | | | | | | 127.8 | | | | | | 74.0% | | |
|
Operating profit
|
| | | | 37.8 | | | | | | 204.2 | | | | | | 120.8 | | | | | | 69.0% | | |
|
Net finance cost/revenue
|
| | | | (10.8) | | | | | | (58.2) | | | | | | 2.2 | | | | | | (2,717.3)% | | |
|
Income tax and social contribution
|
| | | | (5.0) | | | | | | (27.0) | | | | | | (32.6) | | | | | | (17.3)% | | |
| | | |
(in millions)
|
| |||
| Sources(1) | | | | | | | |
|
Existing cash held in Trust Account(2)
|
| | | $ | 21.9 | | |
|
PIPE Financing and Ambipar PIPE Financing(3)
|
| | | | 162.0 | | |
|
Equity Consideration to Ambipar(3)
|
| | | | 345.4 | | |
|
Existing Sponsor Equity at Closing(4)
|
| | | | 18.6 | | |
|
Total Sources
|
| | | $ | 547.9 | | |
| Uses | | | | | | | |
|
Equity Consideration to Ambipar(3)
|
| | | $ | 345.4 | | |
|
Existing Sponsor Equity at Closing
|
| | | | 18.6 | | |
|
Estimated Transaction Expenses(5)
|
| | | | 18.0 | | |
|
Remaining Cash to Balance Sheet
|
| | | | 165.9 | | |
|
Total Uses
|
| | | $ | 547.9 | | |
| | | |
Minimum
Redemptions(1) |
| |
Intermediate
Redemptions(2) |
| |
Maximum
Redemptions(3) |
| |||||||||
|
IPO underwriting fees(4)
|
| | | $ | 5,060,000 | | | | | $ | 5,060,000 | | | | | $ | 5,060,000 | | |
|
IPO proceeds net of redemptions(5)
|
| | | $ | 58,275,170 | | | | | $ | 13,882,720 | | | | | $ | 6,000,000 | | |
|
Underwriting fees as a % of IPO proceeds net of
redemptions |
| | | | 8.7% | | | | | | 36.4% | | | | | | 84.3% | | |
| | | |
For the six months ended June 30,
|
| |
For the year ended December 31,
|
| ||||||||||||||||||||||||||||||
| | | | | |
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
|
| |
2021
|
| |
2020
|
| |||||||||||||
| | | |
(Unaudited Consolidated)
|
| |
(Audited Combined)
|
| ||||||||||||||||||
| | | |
(in US$ millions)(1)
|
| |
(in R$ millions)
|
| |
(in R$ millions)
|
| |||||||||||||||
| ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | |
| Current assets | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Cash and cash equivalents
|
| | | | 30.0 | | | | | | 157.2 | | | | | | 118.9 | | | | | | 61.7 | | |
|
Trade and other receivables
|
| | | | 62.2 | | | | | | 326.1 | | | | | | 234.3 | | | | | | 113.3 | | |
|
Current tax assets
|
| | | | 1.3 | | | | | | 6.7 | | | | | | 4.9 | | | | | | 2.3 | | |
|
Other tax assets
|
| | | | 2.2 | | | | | | 11.7 | | | | | | 13.3 | | | | | | 8.5 | | |
|
Prepaid expenses
|
| | | | 3.4 | | | | | | 18.1 | | | | | | 1.5 | | | | | | 0.5 | | |
|
Advances to suppliers
|
| | | | 5.1 | | | | | | 26.6 | | | | | | 47.3 | | | | | | 18.0 | | |
|
Inventories
|
| | | | 2.6 | | | | | | 13.4 | | | | | | 8.8 | | | | | | 5.2 | | |
|
Other accounts equivalents
|
| | | | 4.9 | | | | | | 25.5 | | | | | | 24.4 | | | | | | 24.1 | | |
|
Total current assets
|
| | | | 111.7 | | | | | | 585.3 | | | | | | 453.4 | | | | | | 233.8 | | |
| Non-current assets | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Related party loans
|
| | | | 7.8 | | | | | | 41.0 | | | | | | 34.7 | | | | | | 28.3 | | |
|
Deferred taxes
|
| | | | 1.2 | | | | | | 6.3 | | | | | | 9.0 | | | | | | 5.8 | | |
|
Judicial deposits
|
| | | | 0.0 | | | | | | 0.1 | | | | | | 0.1 | | | | | | 0.4 | | |
|
Other accounts receivables
|
| | | | 4.1 | | | | | | 21.5 | | | | | | 6.8 | | | | | | 5.1 | | |
|
Property, plant and equipment
|
| | | | 80.5 | | | | | | 421.5 | | | | | | 331.6 | | | | | | 102.8 | | |
|
Goodwill
|
| | | | 137.5 | | | | | | 720.3 | | | | | | 584.9 | | | | | | 221.5 | | |
|
Intangible assets
|
| | | | 1.9 | | | | | | 9.9 | | | | | | 10.5 | | | | | | 3.1 | | |
|
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 | | |
| LIABILITIES | | | | | | | | | | | | | | | | | | | | | | | | | |
| Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Loans and financing
|
| | | | 7.3 | | | | | | 38.5 | | | | | | 60.8 | | | | | | 15.2 | | |
|
Debentures
|
| | | | 2.6 | | | | | | 13.4 | | | | | | — | | | | | | — | | |
|
Trade and other payables
|
| | | | 9.9 | | | | | | 51.7 | | | | | | 39.6 | | | | | | 20.2 | | |
|
Labor obligations
|
| | | | 6.1 | | | | | | 32.2 | | | | | | 21.5 | | | | | | 14.4 | | |
|
Dividend payable
|
| | | | 6.0 | | | | | | 31.5 | | | | | | 31.5 | | | | | | — | | |
|
Current income tax and social contribution payable
|
| | | | 1.4 | | | | | | 7.4 | | | | | | 6.9 | | | | | | 1.6 | | |
|
Other tax payable
|
| | | | 4.3 | | | | | | 22.3 | | | | | | 17.7 | | | | | | 11.4 | | |
|
Obligations from acquisition of investment
|
| | | | 24.7 | | | | | | 129.5 | | | | | | 128.1 | | | | | | 28.2 | | |
|
Lease liabilities
|
| | | | 2.1 | | | | | | 11.2 | | | | | | 9.6 | | | | | | 3.1 | | |
|
Other bills to pay
|
| | | | 6.8 | | | | | | 35.8 | | | | | | 30.5 | | | | | | 8.8 | | |
|
Total current liabilities
|
| | | | 71.3 | | | | | | 373.4 | | | | | | 346.1 | | | | | | 102.9 | | |
| Non-current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Loans and financing
|
| | | | 25.0 | | | | | | 131.0 | | | | | | 94.5 | | | | | | 58.5 | | |
|
Debentures
|
| | | | 63.0 | | | | | | 330.2 | | | | | | — | | | | | | — | | |
|
Other tax expenses
|
| | | | 1.5 | | | | | | 7.6 | | | | | | 4.1 | | | | | | — | | |
| | | |
As of June 30,
|
| |
As of December 31,
|
| ||||||||||||||||||
| | | | | |
2022
|
| |
2021
|
| |
2020
|
| |||||||||||||
| | | |
(Unaudited Consolidated)
|
| |
(Audited Combined)
|
| ||||||||||||||||||
| | | |
(in US$ millions)(1)
|
| |
(in R$ millions)
|
| |
(in R$ millions)
|
| |||||||||||||||
|
Related party loans
|
| | | | 69.7 | | | | | | 365.1 | | | | | | 482.2 | | | | | | 54.2 | | |
|
Deferred income tax and social contribution
|
| | | | 6.8 | | | | | | 35.8 | | | | | | 33.4 | | | | | | 12.9 | | |
|
Obligations from acquisition of investment
|
| | | | 25.7 | | | | | | 134.5 | | | | | | 101.3 | | | | | | 29.3 | | |
|
Provision for contingencies
|
| | | | 0.0 | | | | | | 0.1 | | | | | | 0.2 | | | | | | 0.5 | | |
|
Lease liabilities
|
| | | | 4.2 | | | | | | 22.1 | | | | | | 22.0 | | | | | | 5.8 | | |
|
Other bills to pay
|
| | | | 3.7 | | | | | | 19.2 | | | | | | 9.3 | | | | | | 9.4 | | |
|
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 | | |
| SHAREHOLDERS’ EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Capital
|
| | | | 50.0 | | | | | | 261.9 | | | | | | 261.9 | | | | | | 36.9 | | |
|
Advance for future capital increase
|
| | | | — | | | | | | — | | | | | | — | | | | | | 176.0 | | |
|
Profit reserves
|
| | | | 34.3 | | | | | | 179.7 | | | | | | 176.1 | | | | | | 76.4 | | |
|
Capital transactions
|
| | | | (19.5) | | | | | | (102.0) | | | | | | (116.5) | | | | | | (3.5) | | |
|
Equity valuation adjustment
|
| | | | 0.2 | | | | | | 1.0 | | | | | | 1.0 | | | | | | 1.0 | | |
|
Accumulated translation adjustment
|
| | | | (13.7) | | | | | | (72.0) | | | | | | 3.4 | | | | | | 16.8 | | |
|
Retained earnings
|
| | | | 15.0 | | | | | | 78.3 | | | | | | — | | | | | | — | | |
|
Equity attributable to owners of the group
|
| | | | 66.2 | | | | | | 346.9 | | | | | | 326.0 | | | | | | 303.7 | | |
|
Non-controlling interest
|
| | | | 7.7 | | | | | | 40.2 | | | | | | 11.9 | | | | | | 23.5 | | |
|
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
|
| |
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
|
| |
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
|
| |
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
|
| |
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
|
| |
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 | | | | | | — | | |
| | | |
As of and for the six months
ended June 30, |
| |
As of and for the year
ended December 31, |
| ||||||||||||||||||||||||
| | | | | |
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 %) |
| ||||||||||||||||||
|
(-) 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% | | |
| | |||||||||||||||||||||||||||||||
| | | | | | | | | | | ||||||||||||||||
|
Operating and formation costs
|
| | | $ | 314,723 | | | | | $ | 1,163,690 | | | | | $ | 720,129 | | | | | $ | 5,327,876 | | |
|
Loss from operations
|
| | | | (314,723) | | | | | | (1,163,690) | | | | | | (720,129) | | | | | | (5,327,876) | | |
| Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Change in fair value of warrant liabilities
|
| | | | (7,884,000) | | | | | | 10,533,024 | | | | | | 8,278,200 | | | | | | 5,826,276 | | |
|
Change in fair value of PIPE derivative liability
|
| | | | — | | | | | | — | | | | | | — | | | | | | 89,022 | | |
|
Transaction costs allocable to warrants
|
| | | | (497,297) | | | | | | — | | | | | | — | | | | | | — | | |
|
Interest income from operating bank account
|
| | | | 71 | | | | | | 89 | | | | | | 72 | | | | | | — | | |
|
Interest income on cash and marketable securities held in Trust Account
|
| | | | 12,211 | | | | | | 25,305 | | | | | | 18,927 | | | | | | 694,351 | | |
|
Other income
|
| | | | — | | | | | | — | | | | | | — | | | | | | 296,643 | | |
|
Total other income (expense), net
|
| | | | (8,369,015) | | | | | | 10,558,418 | | | | | | 8,297,199 | | | | | | 6,906,292 | | |
|
Net income (loss)
|
| | | $ | (8,683,738) | | | | | $ | 9,394,728 | | | | | $ | 7,577,070 | | | | | $ | 1,578,416 | | |
|
Basic and diluted weighted average shares outstanding, Class A ordinary shares
|
| | | | 14,507,692 | | | | | | 25,300,000 | | | | | | 25,300,000 | | | | | | 19,736,433 | | |
|
Basic and diluted net income (loss) per ordinary
share, Class A ordinary shares |
| | | $ | (0.43) | | | | | $ | 0.30 | | | | | $ | 0.24 | | | | | $ | 0.06 | | |
|
Basic and diluted weighted average shares outstanding, Class B ordinary shares
|
| | | | 5,634,703 | | | | | | 6,305,055 | | | | | | 6,305,055 | | | | | | 6,305,000 | | |
|
Basic and diluted net income (loss) per share, Class B ordinary shares
|
| | | $ | (0.43) | | | | | $ | 0.30 | | | | | $ | 0.24 | | | | | $ | 0.06 | | |
| | | | | | | | | ||||||||||||
| ASSETS | | | | | | | | | | | | | | | | | | | |
| Current assets | | | | | | | | | | | | | | | | | | | |
|
Cash
|
| | | $ | 1,132,050 | | | | | $ | 549,792 | | | | | $ | 218,475 | | |
|
Prepaid expenses
|
| | | | 259,147 | | | | | | 99,402 | | | | | | 140,767 | | |
|
Total current assets
|
| | | | 1,391,197 | | | | | | 649,194 | | | | | | 359,242 | | |
|
Cash held in Trust Account
|
| | | | — | | | | | | — | | | | | | 58,650,422 | | |
|
Marketable securities held in Trust Account
|
| | | | 253,012,211 | | | | | | 253,037,516 | | | | | | — | | |
|
Total assets
|
| | | $ | 254,403,408 | | | | | $ | 253,686,710 | | | | | $ | 59,009,664 | | |
| | | | | | | | | ||||||||||||
| LIABILITIES AND SHAREHOLDERS’ DEFICIT | | | | | | | | | | | | | | | | | | | |
| Current liabilities | | | | | | | | | | | | | | | | | | | |
|
Accounts payable and accrued expenses
|
| | | $ | 134,297 | | | | | $ | 555,895 | | | | | $ | 588,986 | | |
|
Accrued offering costs
|
| | | | 159,880 | | | | | | 159,880 | | | | | | 159,880 | | |
|
Promissory note – related party
|
| | | | — | | | | | | — | | | | | | 700,000 | | |
|
Total current liabilities
|
| | | | 294,177 | | | | | | 715,775 | | | | | | 1,448,866 | | |
|
Deferred legal fees
|
| | | | — | | | | | | — | | | | | | 4,304,833 | | |
|
Warrant liability
|
| | | | 21,089,700 | | | | | | 10,556,676 | | | | | | 4,730,400 | | |
|
PIPE derivative liability
|
| | | | — | | | | | | — | | | | | | 3,109,245 | | |
|
Deferred underwriting fee payable
|
| | | | 8,855,000 | | | | | | 8,855,000 | | | | | | — | | |
|
Total liabilities
|
| | | | 30,238,877 | | | | | | 20,127,451 | | | | | | 13,593,344 | | |
| Commitments and contingencies | | | | | | | | | | | | | | | | | | | |
|
Class A ordinary shares subject to possible redemption; 5,827,517 at redemption value as of September 30, 2022 and 25,300,000 shares at redemption value as of December 31, 2021 and December 31, 2020
|
| | | | 253,012,211 | | | | | | 253,037,516 | | | | | | 58,650,422 | | |
| 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 shares subject to possible redemption as of September 30, 2022 and 25,300,000 shares subject to possible redemption as of December 31, 2021 and December 31, 2020) |
| | | | — | | | | | | — | | | | | | — | | |
|
Class B ordinary shares, $0.0001 par value; 50,000,000
shares authorized; 6,305,000 issued and outstanding as of September 30, 2022 and December 31, 2021 and 6,325,000 issued and outstanding as of December 31, 2020 |
| | | | 633 | | | | | | 631 | | | | | | 631 | | |
|
Additional paid-in capital
|
| | | | — | | | | | | — | | | | | | 5,009,691 | | |
|
Accumulated deficit
|
| | | | (28,848,313) | | | | | | (19,478,888) | | | | | | (18,244,424) | | |
|
Total shareholders’ deficit
|
| | | | (28,847,680) | | | | | | (19,478,257) | | | | | | (13,234,102) | | |
|
Total liabilities and shareholders’ deficit
|
| | | $ | 254,403,408 | | | | | $ | 253,686,710 | | | | | $ | 59,009,664 | | |
|
Trading Date
|
| |
HPX Units
(HPX.U) |
| |
HPX Class A
Ordinary Shares (HPX) |
| |
HPX Public
Warrants (HPX.WS) |
| |||||||||
| | | | $ | 10.00 | | | | | $ | 9.98 | | | | | $ | 0.0705 | | | |
| | | | $ | 10.00 | | | | | $ | 9.86 | | | | | $ | 0.3549 | | | |
|
As of and for the year ended
December 31, 2021 |
| |
Emergencia
(Historical) |
| |
HPX
(Historical) |
| |
Witt
O’Brien’s (Historical)(2) |
| |
Pro Forma
Combined Assuming Minimum Redemptions |
| |
Pro Forma
Combined Assuming Maximum Redemptions (ex. Non- Redemption Agreements) |
| |||||||||||||||
|
Book value per share – basic
and diluted(1) |
| | | R$ | 6.95 | | | | | R$ | (3.44) | | | | | | — | | | | | R$ | 23.94 | | | | | R$ | 19.34 | | |
|
Weighted average shares outstanding – basic and diluted
|
| | | | 48,615,599 | | | | | | 31,605,055 | | | | | | — | | | | | | 56,745,534 | | | | | | 55,168,990 | | |
|
Profit (loss) per share – basic
and diluted |
| | | R$ | 2.84 | | | | | R$ | 1.62 | | | | | | — | | | | | R$ | 1.04 | | | | | R$ | 1.07 | | |
|
As of and for the six months ended
June 30, 2022 |
| |
Emergencia
(Historical) |
| |
HPX
(Historical) |
| |
Witt
O’Brien’s (Historical)(2) |
| |
Pro Forma
Combined Assuming Minimum Redemptions |
| |
Pro Forma
Combined Assuming Maximum Redemptions (ex. Non- Redemption Agreements) |
| |||||||||||||||
|
Book value per share – basic
and diluted(1) |
| | | R$ | 1.48 | | | | | R$ | (2.36) | | | | | | — | | | | | R$ | 20.62 | | | | | R$ | 19.72 | | |
|
Weighted average shares outstanding – basic and diluted
|
| | | | 261,920,439 | | | | | | 31,605,000 | | | | | | — | | | | | | 56,745,534 | | | | | | 55,168,990 | | |
|
Profit (loss) per share – basic
and diluted |
| | | R$ | 0.31 | | | | | R$ | 0.91 | | | | | | — | | | | | R$ | (1.13) | | | | | R$ | (1.16) | | |
| | | |
HPX Class A
Ordinary Shares(1) |
| |
HPX Restricted Stock
Units(2) |
| |
Value of HPX Class A
Ordinary Shares or HPX Restricted Stock Units, as applicable, assuming a value of $10.00 per share/ unit(3) |
| |
Value of HPX
Class A Ordinary Shares or HPX Restricted Stock Units, as applicable, based on recent trading price(4) |
| ||||||||||||
| Sponsor(5) | | | | | 1,860,000 | | | | | | — | | | | | $ | 18,600,000 | | | | | $ | 18,358,200 | | |
| | | | | 620,000 | | | | | | — | | | | | $ | 6,200,000 | | | | | $ | 6,119,400 | | | |
|
Carlos Piani(5)
|
| | | | 620,000 | | | | | | — | | | | | $ | 6,200,000 | | | | | $ | 6,119,400 | | |
| | | | | 620,000 | | | | | | — | | | | | $ | 6,200,000 | | | | | $ | 6,119,400 | | | |
| | | |
HPX Class A
Ordinary Shares(1) |
| |
HPX Restricted Stock
Units(2) |
| |
Value of HPX Class A
Ordinary Shares or HPX Restricted Stock Units, as applicable, assuming a value of $10.00 per share/ unit(3) |
| |
Value of HPX
Class A Ordinary Shares or HPX Restricted Stock Units, as applicable, based on recent trading price(4) |
| ||||||||||||
| | | | | 20,000 | | | | | | — | | | | | $ | 200,000 | | | | | $ | 197,400 | | | |
|
Wolney Betiol
|
| | | | 20,000 | | | | | | — | | | | | $ | 200,000 | | | | | $ | 197,400 | | |
| | | | | 20,000 | | | | | | — | | | | | $ | 200,000 | | | | | $ | 197,400 | | | |
|
Rafael Grisolia
|
| | | | — | | | | | | 20,000 | | | | | $ | 200,000 | | | | | $ | 197,400 | | |
| | | |
Minimum
Redemptions(1) |
| |
Intermediate
Redemptions(2) |
| |
Maximum
Redemptions(3) |
| |||||||||
|
IPO underwriting fees(4)
|
| | | $ | 5,060,000 | | | | | $ | 5,060,000 | | | | | $ | 5,060,000 | | |
|
IPO proceeds net of redemptions(5)
|
| | | $ | 58,275,170 | | | | | $ | 13,882,720 | | | | | $ | 6,000,000 | | |
|
Underwriting fees as a % of IPO proceeds net of
redemptions |
| | | | 8.7% | | | | | | 36.4% | | | | | | 84.3% | | |
| |
Assumption
|
| |
Description
|
|
| |
•
Functional currency
|
| |
•
The functional currency of markets outside Brazil to be U.S. dollars
|
|
| |
•
Operating growth levers
|
| |
•
The capacity to open new service centers in North America, Latin America, Brazil and Europe
•
The capacity to grow service centers’ productivity in North America, estimating that that operating metrics, asset utilization and asset base growth can be improved, in particular considering the implementation of the four-pillar business model
•
The capacity to increase prices in line with inflation
•
The capacity to grow service centers and productivity of the current operations, as measured by services performed by each service center
|
|
| |
Assumption
|
| |
Description
|
|
| | | | |
•
The capacity to generate recurring revenue by offering contracts through a subscription model across all markets where Emergencia holds activities
•
The capacity to hire, train and retain key people and a specialized field workforce
|
|
| |
•
Costs and expenditures
|
| |
•
An increased cost structure, as measured by selling, general and administrative expenses as well as cost of goods sold, during the years of M&A activity, comprised mainly of 2022, 2023, 2024 and 2025. During such period, Emergencia would expect (i) to acquire businesses with lower margins, considering that competitors of Emergencia typically present margins that are lower or equal to the margins presented by Emergencia in 2021, and (ii) to spend resources on integration, personnel, equipment and backoffice
•
The capacity to dilute fixed costs, considering that as New PubCo grows, costs categorized as fixed costs would grow at a lower rate than net revenues, which would contribute to a gradual recovery in EBITDA margins from 2023 onwards
•
A projected cost of debt similar to the current cost of debt of Emergencia
•
Working capital consistent with current business dynamics, with the main account being receivables
•
Capital expenditures driven mostly to M&A activity, but also by investments in the growth of existing operations as well as maintenance. Maintenance related capital expenditures to be consistent with an expected property, plant & equipment life of five to six years
|
|
| |
•
Funding
|
| |
•
Incremental funding for growth assuming additional funds of $353 million to be made available to Emergencia as a result of the Business Combination, which amount considered a PIPE financing of $100 million and $253 million in cash available in the Trust Account (assuming no redemptions of public shares in connection with the Business Combination). While the Projections assumed such $353 million incremental funding for growth to be made available to Emergencia as a result of the Business Combination, the HPX Board reviewed the Projections and made its determination to approve and recommend the Business Combination on the basis of a minimum funding at closing of the Business Combination of $168 million (without considering any payment of Business Combination related transaction expenses) in satisfaction of the Minimum Available Cash Condition. Emergencia’s management has concluded that the performance described in the Projections can be achieved in all
material respects with minimum cash of $168 million and that, therefore, the Projections do not need to be updated. Accordingly, Emergencia’s management and the HPX Board have determined that the redemptions of HPX Class A Ordinary Shares at the HPX extraordinary general meetings held on July 14, 2022 and November 3, 2022 do not have a material effect on the Projections, and the HPX Board has determined that the
|
|
| |
Assumption
|
| |
Description
|
|
| | | | |
redemptions would not require the HPX Board obtaining updated projections. We expect that the Minimum Available Cash Condition will be satisfied even in a maximum redemption scenario (i.e., assuming that all 1,576,544 outstanding HPX Class A Ordinary Shares not subject to the Non-Redemption Agreements are redeemed in connection with the Business Combination), as a result of the proceeds of $162 million to be contributed by Ambipar and the PIPE Investors upon consummation of the Ambipar PIPE Financing and the PIPE Financing, in accordance with the terms and conditions of the Ambipar Subscription Agreement and the Subscription Agreements, respectively, of which up to $50.5 million could be in the form of the conversion into equity of a portion of the intercompany loan provided by Ambipar pursuant to the Ambipar Intercompany Loan Agreement, and funding available from Non-Redeeming Shareholders of $6 million
|
|
| |
•
Acquisitions projections and pipeline
|
| |
•
The capacity to acquire and scale profitable companies, representing $90 million in additional EBITDA during the first 4 years after the Business Combination, which EBITDA should increase following such acquisitions as a result of the increased profitability resulting from the integration of the acquired companies into the Group Companies
•
Emergencia has identified potential acquisition targets contemplating over 2x the $90 million EBITDA
|
|
| | | |
Emergencia Unaudited Projected Financial
Information for the Year Ending December 31, |
| |||||||||||||||||||||||||||
|
Financial data – consolidated(1)
|
| |
2022E
|
| |
2023E
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |||||||||||||||
| | | |
(in millions of reais, except as otherwise indicated)
|
| |||||||||||||||||||||||||||
|
Current year M&A net revenue(2)
|
| | | | 604 | | | | | | 348 | | | | | | 284 | | | | | | 273 | | | | | | — | | |
|
% of total net revenue
|
| | | | 34.8% | | | | | | 11.7% | | | | | | 7.2% | | | | | | 5.7% | | | | | | — | | |
|
% growth year-over-year
|
| | | | — | | | | | | (42.4)% | | | | | | (18.3)% | | | | | | (3.8)% | | | | | | (100.0)% | | |
|
Non-current year M&A net revenue(3)
|
| | | | — | | | | | | 1,202 | | | | | | 1,964 | | | | | | 2,608 | | | | | | 3,250 | | |
|
% of total net revenue
|
| | | | — | | | | | | 40.6% | | | | | | 50.0% | | | | | | 54.1% | | | | | | 59.6% | | |
|
% growth year-over-year
|
| | | | — | | | | | | — | | | | | | 63.4% | | | | | | 32.8% | | | | | | 24.6% | | |
|
Organic net revenue(4)
|
| | | | 1,131 | | | | | | 1,411 | | | | | | 1,678 | | | | | | 1,939 | | | | | | 2,200 | | |
|
% of total net revenue
|
| | | | 65.2% | | | | | | 47.7% | | | | | | 42.7% | | | | | | 40.2% | | | | | | 40.4% | | |
|
% growth year-over-year
|
| | | | 37.3% | | | | | | 24.8% | | | | | | 18.9% | | | | | | 15.6% | | | | | | 13.5% | | |
|
Total net revenue
|
| | | | 1,735 | | | | | | 2,961 | | | | | | 3,926 | | | | | | 4,820 | | | | | | 5,450 | | |
|
% growth year-over-year
|
| | | | 110.6% | | | | | | 70.7% | | | | | | 32.6% | | | | | | 22.8% | | | | | | 13.1% | | |
|
Current year M&A EBITDA(5)
|
| | | | 92 | | | | | | 55 | | | | | | 46 | | | | | | 45 | | | | | | — | | |
|
% growth year-over-year
|
| | | | — | | | | | | (40.1)% | | | | | | (16.2)% | | | | | | (2.1)% | | | | | | (100.0)% | | |
|
Non-current year M&A EBITDA(6)
|
| | | | — | | | | | | 209 | | | | | | 370 | | | | | | 528 | | | | | | 643 | | |
|
% growth year-over-year
|
| | | | — | | | | | | — | | | | | | 77.2% | | | | | | 42.6% | | | | | | 21.7% | | |
|
Organic EBITDA(7)
|
| | | | 344 | | | | | | 446 | | | | | | 544 | | | | | | 640 | | | | | | 736 | | |
|
% growth year-over-year
|
| | | | 48.0% | | | | | | 29.7% | | | | | | 21.9% | | | | | | 17.7% | | | | | | 15.0% | | |
|
Total EBITDA(8)
|
| | | | 436 | | | | | | 711 | | | | | | 961 | | | | | | 1,213 | | | | | | 1,379 | | |
| | | |
Emergencia Unaudited Projected Financial
Information for the Year Ending December 31, |
| |||||||||||||||||||||||||||
|
Financial data – consolidated(1)
|
| |
2022E
|
| |
2023E
|
| |
2024E
|
| |
2025E
|
| |
2026E
|
| |||||||||||||||
| | | |
(in millions of reais, except as otherwise indicated)
|
| |||||||||||||||||||||||||||
|
% growth year-over-year
|
| | | | 87.5% | | | | | | 63.0% | | | | | | 35.2% | | | | | | 26.3% | | | | | | 13.6% | | |
|
EBITDA margin(9)
|
| | | | 25.1% | | | | | | 24.0% | | | | | | 24.5% | | | | | | 25.2% | | | | | | 25.3% | | |
|
Variation year-over-year (in bps)
|
| |
(310.0 bps)
|
| |
(113.4 bps)
|
| |
47.5 bps
|
| |
70.2 bps
|
| |
12.9 bps
|
| |||||||||||||||
| ROIC(10) | | | | | 17.2% | | | | | | 20.0% | | | | | | 22.5% | | | | | | 24.5% | | | | | | 26.8% | | |
|
% growth year-over-year
|
| | | | (44.6)% | | | | | | 16.6% | | | | | | 12.2% | | | | | | 9.0% | | | | | | 9.5% | | |
|
Free cash flow(11)
|
| | | | 142 | | | | | | 301 | | | | | | 486 | | | | | | 698 | | | | | | 673 | | |
|
% growth year-over-year
|
| | | | — | | | | | | 112.1% | | | | | | 61.6% | | | | | | 43.5% | | | | | | (3.6)% | | |
|
Cash conversion rate(12)
|
| | | | 32.5% | | | | | | 42.4% | | | | | | 50.6% | | | | | | 57.5% | | | | | | 48.8% | | |
|
% growth year-over-year
|
| | | | — | | | | | | 30.2% | | | | | | 19.5% | | | | | | 13.6% | | | | | | (15.2)% | | |
| | | |
HPX Class A
Ordinary Shares(1) |
| |
HPX Restricted
Stock Units(2) |
| |
Value of HPX
Class A Ordinary Shares or HPX Restricted Stock Units, as applicable, assuming a value of $10.00 per share/unit(3) |
| |
Value of HPX
Class A Ordinary Shares or HPX Restricted Stock Units, as applicable, based on recent trading price(4) |
| ||||||||||||
| Sponsor(5) | | | | | 1,860,000 | | | | | | — | | | | | $ | 18,600,000 | | | | | $ | 18,358,200 | | |
| | | | | 620,000 | | | | | | — | | | | | $ | 6,200,000 | | | | | $ | 6,119,400 | | | |
|
Carlos Piani(5)
|
| | | | 620,000 | | | | | | — | | | | | $ | 6,200,000 | | | | | $ | 6,119,400 | | |
| | | | | 620,000 | | | | | | — | | | | | $ | 6,200,000 | | | | | $ | 6,119,400 | | | |
| | | | | 20,000 | | | | | | — | | | | | $ | 200,000 | | | | | $ | 197,400 | | | |
|
Wolney Betiol
|
| | | | 20,000 | | | | | | — | | | | | $ | 200,000 | | | | | $ | 197,400 | | |
| | | | | 20,000 | | | | | | — | | | | | $ | 200,000 | | | | | $ | 197,400 | | | |
|
Rafael Grisolia
|
| | | | — | | | | | | 20,000 | | | | | $ | 200,000 | | | | | $ | 197,400 | | |
| | | |
Share Ownership in New PubCo(1)(2)
|
| |||||||||||||||||||||||||||||||||
| | | |
Minimum Redemptions(3)
|
| |
Intermediate Redemptions(4)
|
| |
Maximum Redemptions(5)
|
| |||||||||||||||||||||||||||
| | | |
Percentage
of total Outstanding Shares (Class A Ordinary Shares and Class B Ordinary Shares) |
| |
Percentage
of total Voting Power (Class A Ordinary Shares and Class B Ordinary Shares) |
| |
Percentage
of total Outstanding Shares (Class A Ordinary Shares and Class B Ordinary Shares) |
| |
Percentage
of total Voting Power (Class A Ordinary Shares and Class B Ordinary Shares) |
| |
Percentage
of total Outstanding Shares (Class A Ordinary Shares and Class B Ordinary Shares) |
| |
Percentage
of total Voting Power (Class A Ordinary Shares and Class B Ordinary Shares) |
| ||||||||||||||||||
|
HPX shareholders (other than the
Sponsor and its affiliates (consisting of the Insiders and Rafael Grisolia))(6) |
| | | | 3.9% | | | | | | 0.5% | | | | | | 2.5% | | | | | | 0.3% | | | | | | 1.1% | | | | | | 0.2% | | |
|
Sponsor and its affiliates (consisting of the Insiders and Rafael Grisolia)(7)(8)(9)
|
| | | | 3.4% | | | | | | 0.5% | | | | | | 3.5% | | | | | | 0.5% | | | | | | 3.5% | | | | | | 0.5% | | |
|
PIPE Investors(6)
|
| | | | 22.9% | | | | | | 3.2% | | | | | | 23.2% | | | | | | 3.2% | | | | | | 23.6% | | | | | | 3.2% | | |
| Ambipar(10) | | | | | 69.8% | | | | | | 95.8% | | | | | | 70.8% | | | | | | 96.0% | | | | | | 71.8% | | | | | | 96.2% | | |
| |
Existing Governing Documents of HPX
|
| |
Proposed Governing Documents of New PubCo
|
|
| |
Authorized Share Capital
(Governing Documents Proposal 3A) |
| |||
| | HPX authorized share capital is $55,500 divided into (i) 500,000,000 HPX Class A ordinary shares, $0.0001 par value each, (ii) 50,000,000 HPX Class B ordinary shares, $0.0001 par value each, and (iii) 5,000,000 undesignated preference shares, $0.0001 par value each. | | | New PubCo authorized share capital will be US$50,000 divided into (i) 250,000,000 New PubCo Class A Ordinary Shares, par value $0.0001 per New PubCo Class A Ordinary Share, (ii) 150,000,000 New PubCo Class B Ordinary Shares, par value $0.0001 per New PubCo Class B Ordinary Share, and (iii) 100,000,000 shares of such class or classes (howsoever designated) and having the rights as the board of directors of New PubCo may determine from time to time in accordance with the Proposed Governing Documents. Every holder of New PubCo Class A Ordinary Shares, present in person or by proxy and entitled to vote thereon, shall be entitled to one vote in respect of each New PubCo Class A Ordinary Share held by them. Each New PubCo Class B Ordinary Share will be entitled to 10 votes per share compared with one vote per share for New PubCo Class A Ordinary Shares. | |
| |
Method to Appoint and Elect Directors
(Governing Documents Proposal 3B) |
| |||
| | Prior to the closing of an initial business combination, HPX may appoint or remove any director by ordinary resolutions of the holders of HPX Class B Ordinary Shares. Prior to the closing of an initial business combination, holders of the HPX Class A Ordinary Shares have no right to vote on the appointment or removal of any director. | | | The Proposed Governing Documents provide that director nominees must be elected by an ordinary resolution of the holders of New PubCo Ordinary Shares in accordance with the Articles at each annual general meeting of New PubCo to fill the seats of those directors whose terms expire at such annual general meeting and the persons to stand for election at each annual general meeting of New PubCo shall be nominated by the directors. | |
| |
Existing Governing Documents of HPX
|
| |
Proposed Governing Documents of New PubCo
|
|
| | | | |
Under the terms of the Business Combination Agreement, immediately following the Closing, New PubCo’s board of directors will consist of seven directors. The initial composition of New PubCo’s board of directors will be comprised of (i) five individuals to be designated by Ambipar, (ii) one individual to be designated by the Sponsor, provided that such director so designated shall also qualify as “independent” under Rule 10A-3 of the Exchange Act and (iii) one individual to be designated by Opportunity Agro Fund, in each case, in accordance with, and subject to, the terms and conditions of the Proposed Governing Documents.
With respect to the election of the New PubCo board of directors, under the terms of the Articles, Ambipar will have the right to nominate, appoint and remove the members of New PubCo’s board of directors as follows, (i) for so long as the aggregate voting power of New PubCo Class B Ordinary Shares held by Ambipar continues to be at least fifty percent (50%) of the total voting power of all shares, then Ambipar shall be entitled to nominate at least a majority of the directors to the board of directors; provided that at least one out of such directors shall qualify as an independent director pursuant to Rule 10A-3 under the Exchange Act and shall also be appointed as a member of the audit committee; provided, further, that if more than one director nominated by Ambipar shall be appointed as a member of the audit
committee, such member shall also qualify as an independent director pursuant to Rule 10A-3 under the Exchange Act should the applicable rules and regulations so require; or (ii) for so long as the aggregate voting power of New PubCo Class B Ordinary Shares held by Ambipar continues to be at least twenty-five percent (25%), but less than fifty percent (50%), of the total voting power of all shares, then Ambipar shall be entitled to nominate at least one-third of the directors to the board of directors. Ambipar will own all of the outstanding New PubCo Class B Ordinary Shares. For so long as the Sponsor is subject to the transfer restrictions with respect to its New PubCo Class A Ordinary Shares pursuant to the terms of the Investor Rights Agreement, the Sponsor shall be entitled to nominate one director by written notice served upon New PubCo; provided
that such Sponsor director shall qualify as an independent director. The Sponsor director shall also be appointed as a member of the audit committee, provided that the Sponsor director shall be considered an independent director pursuant to Rule 10A-3 under the
|
|
| |
Existing Governing Documents of HPX
|
| |
Proposed Governing Documents of New PubCo
|
|
| | | | |
Exchange Act. For so long as Opportunity Agro Fund shall hold at least fifty percent (50%) of the New PubCo Class A Ordinary Share voting power held by Opportunity Agro Fund immediately after Closing, Opportunity Agro Fund shall be entitled to nominate one director by written notice served upon the New PubCo.
Each of Ambipar, the Sponsor and Opportunity Agro Fund, as applicable, shall have the exclusive right to appoint and remove the respective directors appointed by it, and appoint replacement directors. Any such directors shall be nominated, appointed and removed only by Ambipar, the Sponsor or Opportunity Agro Fund, as the case may be, by written notice served upon New PubCo. Such appointment or removal by Ambipar, the Sponsor or Opportunity Agro Fund, as applicable, shall have immediate effect when the notice is served, or take effect at such later time as may be stated in such notice.
Each director shall hold office for such term as the resolution appointing him may determine or until his vacation of office as a director or the director’s removal in accordance with the Proposed Governing Documents notwithstanding any agreement between New PubCo and such director. Directors are eligible for re-election.
|
|
| |
Other Changes in Connection with Adoption of the Proposed Governing Documents
(Governing Documents Proposal 3C) |
| |||
| | The Existing Governing Documents include provisions related to HPX’s status as a blank check company prior to the consummation of a business combination. | | | The Proposed Governing Documents do not include such provisions related to a blank check company, because following the consummation of the Business Combination, New PubCo will not be a blank check company. The Proposed Governing Documents do not contain the requirement to dissolve New PubCo allowing it to continue as a corporate entity with perpetual existence following the Business Combination. | |
| | | |
Minimum Redemptions(1)
|
| |
Maximum Redemptions(2)
|
| ||||||||||||||||||
|
Equity Capitalization at Closing
|
| |
Class A
Ordinary Shares |
| |
%
|
| |
Class A
Ordinary Shares |
| |
%
|
| ||||||||||||
| | | |
(in millions)
|
| | | | | | | |
(in millions)
|
| | | | | | | ||||||
| Ambipar(3) | | | | | 39.59 | | | | | | 69.8% | | | | | | 39.59 | | | | | | 71.8% | | |
|
HPX public shareholders (other than the Sponsor and its affiliates (consisting of the Insiders and Rafael
Grisolia))(4) |
| | | | 2.20 | | | | | | 3.9% | | | | | | 0.63 | | | | | | 1.1% | | |
|
Sponsor and its affiliates (consisting of the Insiders and Rafael Grisolia)(5)(6)(7)(8)
|
| | | | 1.94 | | | | | | 3.4% | | | | | | 1.94 | | | | | | 3.5% | | |
|
PIPE Investors(9)
|
| | | | 13.01 | | | | | | 22.9% | | | | | | 13.01 | | | | | | 23.6% | | |
|
Total shares of HPX Corp common stock outstanding at closing of the Transaction
|
| | | | 56.74 | | | | | | 100% | | | | | | 55.17 | | | | | | 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 (Assuming Minimum Redemptions) |
| | | | |
Financing
Adjustments(2) |
| | | | |
Witt
O’Brien’s Transaction Accounting Adjustments (See Note 5) |
| | | | |
Witt
O’Brien’s Financing Adjustments |
| | | | |
Pro Forma
Combined (Assuming Minimum Redemptions) |
| |
Incremental
Transaction Accounting Adjustments (Assuming Maximum Redemptions) |
| | | | |
Proforma
Combined (Assuming Maximum Redemptions) |
| | |
Proforma
Combined (Assuming Minimum Redemptions) In US$ Thousands(3) |
| |
Proforma
Combined (Assuming Maximum Redemptions) In US$ Thousands(3) |
| ||||||||||||||||||||||||||||||||||||
| ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Current: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Cash and cash equivalents
|
| | | R$ | 157,230 | | | | | R$ | 4,078 | | | | | R$ | 9,046 | | | | | R$ | 15,973 | | | |
a, b, c (i),
c (ii), d |
| | | R$ | 848,556 | | | |
n
|
| | | R$ | (877,831) | | | |
A
|
| | | R$ | 471,420 | | | |
o
|
| | | R$ | 628,472 | | | | | R$ | (82,496) | | | |
p
|
| | | R$ | 545,976 | | | | | | $ | 119,983 | | | | | $ | 104,234 | | |
|
Trade and other receivables
|
| | | | 326,072 | | | | | | — | | | | | | 604,900 | | | | | | — | | | | | | | | | — | | | | | | | | | (273,199) | | | |
D
|
| | | | — | | | | | | | | | 657,774 | | | | | | — | | | | | | | | | 657,774 | | | | | | | 125,577 | | | | | | 125,577 | | |
|
Advances to suppliers
|
| | | | 26,561 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 26,561 | | | | | | — | | | | | | | | | 26,561 | | | | | | | 5,071 | | | | | | 5,071 | | |
|
Prepaid expenses
|
| | | | 18,086 | | | | | | 302 | | | | | | 5,458 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 23,846 | | | | | | — | | | | | | | | | 23,846 | | | | | | | 4,552 | | | | | | 4,552 | | |
|
Inventories
|
| | | | 13,408 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 13,408 | | | | | | — | | | | | | | | | 13,408 | | | | | | | 2,560 | | | | | | 2,560 | | |
|
Other accounts equivalents
|
| | | | 25,539 | | | | | | — | | | | | | 1,031 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 26,570 | | | | | | — | | | | | | | | | 26,570 | | | | | | | 5,073 | | | | | | 5,073 | | |
|
Other tax assets
|
| | | | 11,685 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 11,685 | | | | | | — | | | | | | | | | 11,685 | | | | | | | 2,231 | | | | | | 2,231 | | |
|
Current tax assets
|
| | | | 6,747 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 6,747 | | | | | | — | | | | | | | | | 6,747 | | | | | | | 1,288 | | | | | | 1,288 | | |
|
Total current assets
|
| | | | 585,328 | | | | | | 4,380 | | | | | | 620,436 | | | | | | 15,973 | | | | | | | | | 848,556 | | | | | | | | | (1,151,030) | | | | | | | | | 471,420 | | | | | | | | | 1,395,063 | | | | | | (82,496) | | | | | | | | | 1,312,567 | | | | | | | 266,335 | | | | | | 250,586 | | |
| Noncurrent: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Marketable securities held in Trust Account
|
| | | | — | | | | | | 1,327,212 | | | | | | — | | | | | | (1,327,212) | | | |
a
|
| | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | — | | | | | | — | | |
|
Related party loans
|
| | | | 41,041 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 41,041 | | | | | | — | | | | | | | | | 41,041 | | | | | | | 7,835 | | | | | | 7,835 | | |
|
Deferred taxes
|
| | | | 6,308 | | | | | | — | | | | | | 8,826 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 15,134 | | | | | | — | | | | | | | | | 15,134 | | | | | | | 2,889 | | | | | | 2,889 | | |
|
Judicial deposits
|
| | | | 116 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 116 | | | | | | — | | | | | | | | | 116 | | | | | | | 22 | | | | | | 22 | | |
|
Other accounts receivable
|
| | | | 21,521 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 21,521 | | | | | | — | | | | | | | | | 21,521 | | | | | | | 4,109 | | | | | | 4,109 | | |
|
Other long term assets
|
| | | | — | | | | | | — | | | | | | 10,282 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 10,282 | | | | | | — | | | | | | | | | 10,282 | | | | | | | 1,963 | | | | | | 1,963 | | |
|
Property, plant and equipment
|
| | | | 421,510 | | | | | | — | | | | | | 19,637 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 441,147 | | | | | | — | | | | | | | | | 441,147 | | | | | | | 84,221 | | | | | | 84,221 | | |
|
Goodwill
|
| | | | 720,300 | | | | | | — | | | | | | 149,314 | | | | | | — | | | | | | | | | — | | | | | | | | | 240,917 | | | |
C
|
| | | | — | | | | | | | | | 1,110,531 | | | | | | — | | | | | | | | | 1,110,531 | | | | | | | 212,014 | | | | | | 212,014 | | |
|
Intangible assets
|
| | | | 9,945 | | | | | | — | | | | | | 30,338 | | | | | | — | | | | | | | | | — | | | | | | | | | 332,132 | | | |
C
|
| | | | — | | | | | | | | | 372,415 | | | | | | — | | | | | | | | | 372,415 | | | | | | | 71,099 | | | | | | 71,099 | | |
|
Total noncurrent assets
|
| | | | 1,220,741 | | | | | | 1,327,212 | | | | | | 218,397 | | | | | | (1,327,212) | | | | | | | | | — | | | | | | | | | 573,049 | | | | | | | | | — | | | | | | | | | 2,012,187 | | | | | | — | | | | | | | | | 2,012,187 | | | | | | | 384,152 | | | | | | 384,152 | | |
|
Total assets
|
| | | R$ | 1,806,069 | | | | | R$ | 1,331,592 | | | | | R$ | 838,833 | | | | | R$ | (1,311,239) | | | | | | | | R$ | 848,556 | | | | | | | | R$ | (577,981) | | | | | | | | R$ | 471,420 | | | | | | | | R$ | 3,407,250 | | | | | R$ | (82,496) | | | | | | | | R$ | 3,324,754 | | | | | | $ | 650,487 | | | | | $ | 634,738 | | |
|
LIABILITIES AND SHAREHOLDERS’
DEFICIT |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Current Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Loans and financing
|
| | | R$ | 38,475 | | | | | R$ | — | | | | | R$ | — | | | | | R$ | — | | | | | | | | R$ | — | | | | | | | | R$ | — | | | | | | | | R$ | — | | | | | | | | R$ | 38,475 | | | | | R$ | — | | | | | | | | R$ | 38,475 | | | | | | $ | 7,345 | | | | | $ | 7,345 | | |
|
Debentures
|
| | | | 13,409 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 13,409 | | | | | | — | | | | | | | | | 13,409 | | | | | | | 2,560 | | | | | | 2,560 | | |
|
Promissory note – related party
|
| | | | — | | | | | | 3,667 | | | | | | — | | | | | | (3,667) | | | |
b
|
| | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | — | | | | | | — | | |
|
Accounts payable and accrued expenses
|
| | | | 51,701 | | | | | | 3,576 | | | | | | 120,532 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 175,809 | | | | | | — | | | | | | | | | 175,809 | | | | | | | 33,564 | | | | | | 33,564 | | |
|
Accrued offering costs
|
| | | | — | | | | | | 837 | | | | | | — | | | | | | (837) | | | |
c (i)
|
| | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | — | | | | | | — | | |
|
Labor obligations
|
| | | | 32,198 | | | | | | — | | | | | | 23,309 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 55,507 | | | | | | — | | | | | | | | | 55,507 | | | | | | | 10,597 | | | | | | 10,597 | | |
|
Dividends payable
|
| | | | 31,469 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 31,469 | | | | | | — | | | | | | | | | 31,469 | | | | | | | 6,008 | | | | | | 6,008 | | |
|
Current income tax and social contribution
payable |
| | | | 7,369 | | | | | | — | | | | | | 4,054 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 11,423 | | | | | | — | | | | | | | | | 11,423 | | | | | | | 2,181 | | | | | | 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 (Assuming Minimum Redemptions) |
| | | | |
Financing
Adjustments(2) |
| | | | |
Witt
O’Brien’s Transaction Accounting Adjustments (See Note 5) |
| | | | |
Witt
O’Brien’s Financing Adjustments |
| | | | |
Pro Forma
Combined (Assuming Minimum Redemptions) |
| |
Incremental
Transaction Accounting Adjustments (Assuming Maximum Redemptions) |
| | | | |
Proforma
Combined (Assuming Maximum Redemptions) |
| | |
Proforma
Combined (Assuming Minimum Redemptions) In US$ Thousands(3) |
| |
Proforma
Combined (Assuming Maximum Redemptions) In US$ Thousands(3) |
| ||||||||||||||||||||||||||||||||||||
|
Other tax payable
|
| | | | 22,273 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 22,273 | | | | | | — | | | | | | | | | 22,273 | | | | | | | 4,252 | | | | | | 4,252 | | |
|
Obligations from acquisition of
investment |
| | | | 129,481 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 129,481 | | | | | | — | | | | | | | | | 129,481 | | | | | | | 24,720 | | | | | | 24,720 | | |
|
Other bills to pay
|
| | | | 35,765 | | | | | | — | | | | | | 32,062 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 67,827 | | | | | | — | | | | | | | | | 67,827 | | | | | | | 12,949 | | | | | | 12,949 | | |
|
Lease liabilities
|
| | | | 11,244 | | | | | | — | | | | | | 2,598 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 13,842 | | | | | | — | | | | | | | | | 13,842 | | | | | | | 2,643 | | | | | | 2,643 | | |
|
Total current liabilities
|
| | | | 373,384 | | | | | | 8,080 | | | | | | 182,555 | | | | | | (4,504) | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 559,515 | | | | | | — | | | | | | | | | 559,515 | | | | | | | 106,819 | | | | | | 106,819 | | |
| Noncurrent Liabilities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Warrant liability
|
| | | | — | | | | | | 8,249 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 8,249 | | | | | | — | | | | | | | | | 8,249 | | | | | | | 1,575 | | | | | | 1,575 | | |
|
Deferred underwriting fee payable
|
| | | | — | | | | | | 46,382 | | | | | | — | | | | | | (46,382) | | | |
e
|
| | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | — | | | | | | — | | |
|
Loans and financing
|
| | | | 130,997 | | | | | | 1,327,212 | | | | | | 70,990 | | | | | | (1,327,212) | | | |
d, f
|
| | | | — | | | | | | | | | — | | | | | | | | | 471,420 | | | |
o
|
| | | | 673,407 | | | | | | — | | | | | | | | | 673,407 | | | | | | | 128,562 | | | | | | 128,562 | | |
|
Debentures
|
| | | | 330,201 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 330,201 | | | | | | — | | | | | | | | | 330,201 | | | | | | | 63,040 | | | | | | 63,040 | | |
|
Deferred legal fees
|
| | | | — | | | | | | 16,198 | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 16,198 | | | | | | — | | | | | | | | | 16,198 | | | | | | | 3,092 | | | | | | 3,092 | | |
|
Other tax expenses
|
| | | | 7,626 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 7,626 | | | | | | — | | | | | | | | | 7,626 | | | | | | | 1,456 | | | | | | 1,456 | | |
|
Related party loans
|
| | | | 365,111 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 365,111 | | | | | | — | | | | | | | | | 365,111 | | | | | | | 69,704 | | | | | | 69,704 | | |
|
Deferred income tax and social contribution
|
| | | | 35,832 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 35,832 | | | | | | — | | | | | | | | | 35,832 | | | | | | | 6,841 | | | | | | 6,841 | | |
|
Obligations from acquisition of
investment |
| | | | 134,482 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 134,482 | | | | | | — | | | | | | | | | 134,482 | | | | | | | 25,674 | | | | | | 25,674 | | |
|
Provisions for contingencies
|
| | | | 129 | | | | | | — | | | | | | — | | | | | | 44,654 | | | |
g, h
|
| | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 44,783 | | | | | | — | | | | | | | | | 44,783 | | | | | | | 8,550 | | | | | | 8,550 | | |
|
Other bills to pay
|
| | | | 19,157 | | | | | | — | | | | | | 8,533 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 27,690 | | | | | | — | | | | | | | | | 27,690 | | | | | | | 5,286 | | | | | | 5,286 | | |
|
Lease liabilities
|
| | | | 22,100 | | | | | | — | | | | | | 11,869 | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 33,969 | | | | | | — | | | | | | | | | 33,969 | | | | | | | 6,485 | | | | | | 6,485 | | |
|
Total noncurrent liabilities
|
| | | | 1,045,635 | | | | | | 1,398,041 | | | | | | 91,392 | | | | | | (1,328,940) | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 471,420 | | | | | | | | | 1,677,548 | | | | | | — | | | | | | | | | 1,677,548 | | | | | | | 320,265 | | | | | | 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 | | | | | R$ | — | | | | | | | | R$ | 2,237,063 | | | | | | $ | 427,084 | | | | | $ | 427,084 | | |
| Shareholders’ Deficit | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Share Capital (historical)
|
| | | | 261,920 | | | | | | — | | | | | | 5 | | | | | | (261,920) | | | |
i
|
| | | | — | | | | | | | | | (5) | | | |
B
|
| | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | — | | | | | | — | | |
|
Preference shares, $0.0001 par value
(converted equivalent par value being R$0.0005); 5,000,000 shares authorized; none issued and outstanding |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | — | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | 61 | | | |
f, j, k
|
| | | | 306 | | | |
n
|
| | | | — | | | | | | | | | — | | | | | | | | | 367 | | | | | | — | | | | | | | | | 367 | | | | | | | 70 | | | | | | 70 | | | |
| | | |
Emergencia
Historical (IFRS) |
| |
HPX
Historical (IFRS, See Note 2 for U.S. GAAP to IFRS Conversion) |
| |
Witt
O’Brien’s Historical (IFRS, See Note 4 for U.S. GAAP to IFRS Conversion) |
| |
Transaction
Accounting Adjustments (Assuming Minimum Redemptions) |
| | | | |
Financing
Adjustments(2) |
| | | | |
Witt
O’Brien’s Transaction Accounting Adjustments (See Note 5) |
| | | | |
Witt
O’Brien’s Financing Adjustments |
| | | | |
Pro Forma
Combined (Assuming Minimum Redemptions) |
| |
Incremental
Transaction Accounting Adjustments (Assuming Maximum Redemptions) |
| | | | |
Proforma
Combined (Assuming Maximum Redemptions) |
| | |
Proforma
Combined (Assuming Minimum Redemptions) In US$ Thousands(3) |
| |
Proforma
Combined (Assuming Maximum Redemptions) In US$ Thousands(3) |
| ||||||||||||||||||||||||||||||||||||
|
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 | | | | | | — | | | | | | 261,920 | | | |
i, j
|
| | | | 139 | | | |
n
|
| | | | — | | | | | | | | | — | | | | | | | | | 262,062 | | | | | | — | | | | | | | | | 262,062 | | | | | | | 50,031 | | | | | | 50,031 | | |
|
Additional paid-in capital
|
| | | | — | | | | | | — | | | | | | 256,416 | | | | | | 174,823 | | | |
c (i), c(ii),
e, f, g, k, l, m |
| | | | 848,111 | | | |
n
|
| | | | (269,511) | | | |
B
|
| | | | — | | | | | | | | | 1,009,839 | | | | | | (82,496) | | | |
p
|
| | | | 927,343 | | | | | | | 192,791 | | | | | | 177,042 | | |
|
Advance for future capital increase
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | — | | | | | | — | | |
|
Profit reserves
|
| | | | 179,679 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 179,679 | | | | | | — | | | | | | | | | 179,679 | | | | | | | 34,303 | | | | | | 34,303 | | |
|
Capital transactions
|
| | | | (101,997) | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | (101,997) | | | | | | — | | | | | | | | | (101,997) | | | | | | | (19,473) | | | | | | (19,473) | | |
|
Equity valuation adjustment
|
| | | | 984 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | | | | | | | 984 | | | | | | — | | | | | | | | | 984 | | | | | | | 188 | | | | | | 188 | | |
|
Accumulated translation adjustment
|
| | | | (71,994) | | | | | | — | | | | | | (3,222) | | | | | | — | | | | | | | | | — | | | | | | | | | 3,222 | | | |
B
|
| | | | — | | | | | | | | | (71,994) | | | | | | — | | | | | | | | | (71,994) | | | | | | | (13,745) | | | | | | (13,745) | | |
|
Retained earnings (losses)
|
| | | | 78,285 | | | | | | (74,532) | | | | | | 311,687 | | | | | | (152,679) | | | |
k, l, m
|
| | | | — | | | | | | | | | (311,687) | | | | | | | | | — | | | | | | | | | (148,926) | | | | | | — | | | | | | | | | (148,926) | | | | | | | (28,432) | | | | | | (28,432) | | |
|
Non-controlling interest
|
| | | | 40,173 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | — | | | |
B
|
| | | | — | | | | | | | | | 40,173 | | | | | | — | | | | | | | | | 40,173 | | | | | | | 7,670 | | | | | | 7,670 | | |
|
Total Shareholder’s Deficit
|
| | | | 387,050 | | | | | | (74,529) | | | | | | 564,886 | | | | | | 22,205 | | | | | | | | | 848,556 | | | | | | | | | (577,981) | | | | | | | | | — | | | | | | | | | 1,170,187 | | | | | | (82,496) | | | | | | | | | 1,087,691 | | | | | | | 223,403 | | | | | | 207,654 | | |
|
Total liabilities, Redeemable Common Stock and Shareholder’s Deficit
|
| | | R$ | 1,806,069 | | | | | R$ | 1,331,592 | | | | | R$ | 838,833 | | | | | R$ | (1,311,239) | | | | | | | | R$ | 848,556 | | | | | | | | R$ | (577,981) | | | | | | | | R$ | 471,420 | | | | | | | | R$ | 3,407,250 | | | | | R$ | (82,496) | | | | | | | | R$ | 3,324,754 | | | | | | $ | 650,487 | | | | | $ | 634,738 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||||||||
| | | |
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(2) |
| |
Witt O’Brien’s
Transaction Accounting Adjustments (See Note 5) |
| | | | |
Witt O’Brien’s
Financing Adjustments |
| | | | |
Pro Forma
Combined (Assuming Minimum Redemptions) |
| |
Incremental
Transaction Accounting Adjustments (Assuming Maximum Redemptions) |
| |
Proforma
Combined (Assuming Maximum Redemptions) |
| | |
Proforma
Combined (Assuming Minimum Redemptions) In US$ Thousands(3) |
| |
Proforma
Combined (Assuming Maximum Redemptions) In US$ Thousands(3) |
| ||||||||||||||||||||||||||||||||||||
|
Revenue
|
| | | R$ | 654,526 | | | | | R$ | — | | | | | R$ | 455,646 | | | | | R$ | — | | | | | | | | R$ | — | | | | | R$ | — | | | | | | | | R$ | — | | | | | | | | R$ | 1,110,172 | | | | | R$ | — | | | | | R$ | 1,110,172 | | | | | | $ | 218,613 | | | | | $ | 218,613 | | |
|
Cost of services rendered
|
| | | | (520,041) | | | | | | — | | | | | | (305,512) | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | (825,553) | | | | | | — | | | | | | (825,553) | | | | | | | 162,567 | | | | | | 162,567 | | |
|
Gross profit
|
| | | | 134,485 | | | | | | — | | | | | | 150,134 | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 284,619 | | | | | | — | | | | | | 284,619 | | | | | | | 56,046 | | | | | | 56,046 | | |
| Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Selling, general and administrative expenses
|
| | | | (14,043) | | | | | | (18,952) | | | | | | (68,059) | | | | | | — | | | |
aa
|
| | | | — | | | | | | (7,059) | | | |
C
|
| | | | — | | | | | | | | | (108,113) | | | | | | — | | | | | | (108,113) | | | | | | | (21,289) | | | | | | (21,289) | | |
|
Other income, net of
expenses |
| | | | 5,163 | | | | | | — | | | | | | (4,982) | | | | | | (226,195) | | | |
bb
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | (226,014) | | | | | | — | | | | | | (226,014) | | | | | | | (44,506) | | | | | | (44,506) | | |
|
Operating profit
|
| | | | 125,605 | | | | | | (18,952) | | | | | | 77,093 | | | | | | (226,195) | | | | | | | | | — | | | | | | (7,059) | | | | | | | | | — | | | | | | | | | (49,508) | | | | | | — | | | | | | (49,508) | | | | | | | (9,750) | | | | | | (9,750) | | |
|
Finance costs
|
| | | | (28,847) | | | | | | 47,359 | | | | | | (3,880) | | | | | | (1,747) | | | |
cc
|
| | | | — | | | | | | — | | | | | | | | | (14,534) | | | |
ee
|
| | | | (1,649) | | | | | | — | | | | | | (1,649) | | | | | | | (325) | | | | | | (325) | | |
|
Interest income from operating bank account
|
| | | | 5,535 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 5,535 | | | | | | — | | | | | | 5,535 | | | | | | | 1,090 | | | | | | 1,090 | | |
|
Profit (loss) before tax
|
| | | | 102,293 | | | | | | 28,407 | | | | | | 73,213 | | | | | | (227,942) | | | | | | | | | — | | | | | | (7,059) | | | | | | | | | (14,534) | | | | | | | | | (45,622) | | | | | | — | | | | | | (45,622) | | | | | | | (8,985) | | | | | | (8,985) | | |
|
Current income tax and social
contribution |
| | | | (14,685) | | | | | | — | | | | | | (6,333) | | | | | | — | | | | | | | | | — | | | | | | 1,482 | | | |
C
|
| | | | 4,942 | | | |
ee
|
| | | | (14,594) | | | | | | — | | | | | | (14,594) | | | | | | | (2,874) | | | | | | (2,874) | | |
|
Deferred income tax and social contribution
|
| | | | (5,227) | | | | | | — | | | | | | 1,183 | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | (4,044) | | | | | | — | | | | | | (4,044) | | | | | | | (796) | | | | | | (796) | | |
|
Profit (loss) for the period
|
| | | R$ | 82,381 | | | | | R$ | 28,407 | | | | | R$ | 68,063 | | | | | R$ | (227,942) | | | | | | | | R$ | — | | | | | R$ | (5,577) | | | | | | | | R$ | (9,592) | | | | | | | | R$ | (64,260) | | | | | R$ | — | | | | | R$ | (64,260) | | | | | | $ | (12,655) | | | | | $ | (12,655) | | |
| Profit (loss) attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Owners of the group
|
| | | R$ | 78,285 | | | | | R$ | 28,407 | | | | | R$ | 68,063 | | | | | R$ | (227,942) | | | |
dd
|
| | | R$ | — | | | | | R$ | (5,577) | | | | | | | | R$ | (9,592) | | | | | | | | R$ | (68,356) | | | | | R$ | — | | | | | R$ | (68,356) | | | | | | R$ | (13,461) | | | | | R$ | (13,461) | | |
|
Non-controlling interests
|
| | | R$ | 4,096 | | | | | R$ | — | | | | | R$ | — | | | | | R$ | — | | | |
dd
|
| | | R$ | — | | | | | R$ | — | | | | | | | | R$ | — | | | | | | | | R$ | 4,096 | | | | | R$ | — | | | | | R$ | 4,096 | | | | | | R$ | 806 | | | | | R$ | 806 | | |
|
Basic and diluted weighted
average shares outstanding, Class A ordinary shares |
| | | | 261,920,439 | | | | | | 25,300,000 | | | | | | — | | | | | | 18,434,934 | | | | | | | | | 13,010,600 | | | | | | — | | | | | | | | | — | | | | | | | | | 56,745,534 | | | | | | (1,576,544) | | | | | | 55,168,990 | | | | | | | 56,745,534 | | | | | | 55,168,990 | | |
|
Basic and diluted profit (loss)
per ordinary share, Class A ordinary shares |
| | | R$ | 0.31 | | | | | R$ | 0.91 | | | | | R$ | — | | | | | R$ | — | | | | | | | | R$ | — | | | | | R$ | — | | | | | | | | R$ | — | | | | | | | | R$ | (1.13) | | | | | | — | | | | | R$ | (1.16) | | | | | | $ | (0.22) | | | | | $ | (0.23) | | |
|
Basic and diluted weighted
average shares outstanding, Class B ordinary shares |
| | | | | | | | | | 6,305,000 | | | | | | — | | | | | | 6,305,000 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | — | | | | | | — | | |
|
Basic and diluted profit (loss)
per ordinary share, Class B ordinary shares |
| | | | | | | | | R$ | 0.91 | | | | | R$ | — | | | | | R$ | — | | | | | | | | | | | | | | R$ | — | | | | | | | | R$ | — | | | | | | | | R$ | 0.00 | | | | | | | | | | | R$ | 0.00 | | | | | | $ | 0.00 | | | | | $ | 0.00 | | |
| | | |
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(2) |
| |
Witt O’Brien’s
Transaction Accounting Adjustments (See Note 5) |
| | | | |
Witt O’Brien’s
Financing Adjustments |
| | | | |
Pro Forma
Combined (Assuming Minimum Redemptions) |
| |
Incremental
Transaction Accounting Adjustments (Assuming Maximum Redemptions) |
| |
Proforma
Combined (Assuming Maximum Redemptions) |
| | |
Proforma
Combined (Assuming Minimum Redemptions) In US$ Thousands(3) |
| |
Proforma
Combined (Assuming Maximum Redemptions) In US$ Thousands(3) |
| ||||||||||||||||||||||||||||||||||||
|
Revenue
|
| | | R$ | 822,203 | | | | | R$ | — | | | | | R$ | 1,046,658 | | | | | R$ | — | | | | | | | | R$ | — | | | | | R$ | — | | | | | | | | R$ | — | | | | | | | | R$ | 1,868,861 | | | | | R$ | — | | | | | R$ | 1,868,861 | | | | | | $ | 346,370 | | | | | $ | 346,370 | | |
|
Cost of services rendered
|
| | | | (618,691) | | | | | | — | | | | | | (632,295) | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | (1,250,986) | | | | | | — | | | | | | (1,250,986) | | | | | | | (231,855) | | | | | | (231,855) | | |
|
Gross profit
|
| | | | 203,512 | | | | | | — | | | | | | 414,363 | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 617,875 | | | | | | — | | | | | | 617,875 | | | | | | | 114,515 | | | | | | 114,515 | | |
| Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Selling, general and administrative expenses
|
| | | | (26,837) | | | | | | (6,279) | | | | | | (154,081) | | | | | | (1,079) | | | |
aa
|
| | | | — | | | | | | (14,929) | | | |
C
|
| | | | — | | | | | | | | | (203,205) | | | | | | — | | | | | | (203,205) | | | | | | | (37,662) | | | | | | (37,662) | | |
|
Other income, net of
expenses |
| | | | 1,355 | | | | | | — | | | | | | (55,364) | | | | | | (270,048) | | | |
bb
|
| | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | (324,057) | | | | | | — | | | | | | (324,057) | | | | | | | (60,060) | | | | | | (60,060) | | |
|
Operating profit
|
| | | | 178,030 | | | | | | (6,279) | | | | | | 204,918 | | | | | | (271,127) | | | | | | | | | — | | | | | | (14,929) | | | | | | | | | — | | | | | | | | | 90,613 | | | | | | — | | | | | | 90,613 | | | | | | | 16,793 | | | | | | 16,793 | | |
|
Finance costs
|
| | | | (12,804) | | | | | | 56,969 | | | | | | (19,581) | | | | | | (137) | | | |
cc
|
| | | | — | | | | | | — | | | | | | | | | (30,884) | | | |
ee
|
| | | | (6,437) | | | | | | — | | | | | | (6,437) | | | | | | | (1,193) | | | | | | (1,193) | | |
|
Interest income from operating
bank account |
| | | | 10,776 | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 10,776 | | | | | | — | | | | | | 10,776 | | | | | | | 1,997 | | | | | | 1,997 | | |
|
Profit before tax
|
| | | | 176,002 | | | | | | 50,690 | | | | | | 185,337 | | | | | | (271,264) | | | | | | | | | — | | | | | | (14,929) | | | | | | | | | (30,884) | | | | | | | | | 94,952 | | | | | | — | | | | | | 94,952 | | | | | | | 17,597 | | | | | | 17,597 | | |
|
Income tax and social contribution
|
| | | | (37,860) | | | | | | — | | | | | | (11,843) | | | | | | — | | | | | | | | | — | | | | | | 3,135 | | | |
C
|
| | | | 10,501 | | | |
ee
|
| | | | (36,067) | | | | | | — | | | | | | (36,067) | | | | | | | (6,685) | | | | | | (6,685) | | |
|
Deferred income tax and social
contribution |
| | | | — | | | | | | — | | | | | | 1,937 | | | | | | — | | | | | | | | | — | | | | | | — | | | | | | | | | — | | | | | | | | | 1,937 | | | | | | — | | | | | | 1,937 | | | | | | | 359 | | | | | | 359 | | |
|
Profit for the year
|
| | | R$ | 138,142 | | | | | R$ | 50,690 | | | | | R$ | 173,494 | | | | | R$ | (271,264) | | | | | | | | R$ | — | | | | | R$ | (11,794) | | | | | | | | R$ | (20,383) | | | | | | | | R$ | 58,885 | | | | | R$ | — | | | | | R$ | 58,885 | | | | | | $ | 10,912 | | | | | $ | 10,912 | | |
| Profit Attributable to: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Owners of the group
|
| | | R$ | 131,117 | | | | | R$ | 50,690 | | | | | R$ | 173,494 | | | | | R$ | (267,626) | | | |
dd
|
| | | $ | — | | | | | R$ | (11,794) | | | | | | | | R$ | (20,383) | | | | | | | | $ | 55,498 | | | | | $ | — | | | | | $ | 54,498 | | | | | | $ | 10,286 | | | | | $ | 10,286 | | |
|
Non-controlling interests
|
| | | R$ | 7,025 | | | | | R$ | — | | | | | R$ | — | | | | | R$ | (3,638) | | | |
dd
|
| | | $ | — | | | | | R$ | — | | | | | | | | R$ | — | | | | | | | | $ | 3,387 | | | | | $ | — | | | | | $ | 3,387 | | | | | | $ | 626 | | | | | $ | 626 | | |
|
Basic and diluted weighted
average shares outstanding, Class A ordinary shares |
| | | | 48,615,599 | | | | | | 25,300,000 | | | | | | — | | | | | | 18,434,934 | | | | | | | | | 13,010,600 | | | | | | — | | | | | | | | | — | | | | | | | | | 56,745,534 | | | | | | (1,576,544) | | | | | | 55,168,990 | | | | | | | 56,745,534 | | | | | | 55,168,990 | | |
|
Basic and diluted profit (loss) per ordinary share, Class A ordinary shares
|
| | | R$ | 2.84 | | | | | R$ | 1.62 | | | | | R$ | — | | | | | R$ | — | | | | | | | | R$ | — | | | | | R$ | — | | | | | | | | R$ | — | | | | | | | | R$ | 1.04 | | | | | | — | | | | | R$ | 1.07 | | | | | | $ | 0.19 | | | | | $ | 0.20 | | |
|
Basic and diluted weighted
average shares outstanding, Class B ordinary shares |
| | | | | | | | | | 6,305,055 | | | | | | — | | | | | | 6,305,055 | | | | | | | |
|
—
|
| | | |
|
—
|
| | | | | | |
|
—
|
| | | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | | | — | | | | | | — | | |
|
Basic and diluted profit (loss) per ordinary share, Class B ordinary shares
|
| | | | | | | | | R$ | 1.62 | | | | | R$ | — | | | | | R$ | — | | | | | | | | | | | | | | R$ | — | | | | | | | | R$ | — | | | | | | | | R$ | 0.00 | | | | | | | | | | | R$ | 0.00 | | | | | | $ | 0.00 | | | | | $ | 0.00 | | |
| | | |
Scenario 1:
Assuming Minimum redemptions |
| |
Scenario 2:
Assuming Maximum redemptions |
| ||||||
|
Fair value of public and sponsor equity instruments
to acquire HPX(1) |
| | | R$ | 215,960 | | | | | R$ | 133,381 | | |
|
Less: Fair value of Earn-Out Shares
|
| | | | 44,654 | | | | | | 44,654 | | |
|
Fair value of equity instruments issued to acquire HPX(2)
|
| | | | 171,306 | | | | | | 88,727 | | |
|
Net Assets of HPX as of June 30, 2022(3)(4)(5)
|
| | | | 39,395 | | | | | | 39,395 | | |
|
Effect of redemption of HPX ordinary shares
|
| | | | — | | | | | | (82,579) | | |
|
Less: HPX’s transaction costs
|
| | | | 94,284 | | | | | | 94,284 | | |
|
Adjusted net assets/(liabilities) of HPX as of June 30, 2022
|
| | | | (54,889) | | | | | | (137,468) | | |
|
IFRS 2 charge for listing services
|
| | | R$ | 226,195 | | | | | R$ | 226,195 | | |
| |
Total Assets of HPX
|
| | | R$ | 1,331,592 | | |
| |
Less: Redeemed Shares
|
| | | | 1,213,288 | | |
| |
Adjusted Total Assets
|
| | | | 118,304 | | |
| |
Total Liabilities of HPX
|
| | | | 78,909 | | |
| |
Net assets of HPX
|
| | | R$ | 39,395 | | |
|
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)
|
| | | | 113,864 | | |
|
Earnout Shares
|
| |
(g)
|
| | | | (44,654) | | |
|
RSU compensation
|
| |
(k)
|
| | | | 1,015 | | |
|
Removal of historical accumulated deficit
|
| |
(l)
|
| | | | (74,532) | | |
|
IFRS 2 listing expense
|
| |
(m)
|
| | | | 226,195 | | |
|
Additional paid-in capital adjustments
|
| | | | | | R$ | 174,823 | | |
|
Minimum Redemption
|
| |
Reference
|
| |
Shares
|
| |
Class A
Par Value |
| |
Class B
Par Value |
| ||||||||||||
|
Historical Balance
|
| | | | | | | | | | — | | | | | | — | | | | | | 3 | | |
|
Liability to permanent equity
|
| | | | (f) | | | | | | 2,176,544 | | | | | | 60 | | | | | | — | | |
|
Issuance of New PubCo Class B Ordinary Shares
|
| | | | (i) | | | | | | 34,541,990 | | | | | | — | | | | | | 261,920 | | |
|
Conversion of Class B shares to Class A Shares
|
| | | | (j) | | | | | | — | | | | | | — | | | | | | — | | |
|
RSU compensation
|
| | | | (k) | | | | | | 20,000 | | | | | | 1 | | | | | | — | | |
|
Financing adjustments
|
| | | | (n) | | | | | | 16,200,000 | | | | | | 306 | | | | | | 139 | | |
|
Non-redeeming shares
|
| | | | | | | | | | 3,807,000 | | | | | | — | | | | | | — | | |
| Totals | | | | | | | | | | | 56,745,534 | | | | | | 367 | | | | | | 262,062 | | |
|
Maximum Redemption
|
| |
Reference
|
| |
Shares
|
| |
Class A
Par Value |
| |
Class B
Par Value |
| ||||||||||||
|
Historical Balance
|
| | | | | | | | | | — | | | | | | — | | | | | | 3 | | |
|
Liability to permanent equity
|
| | | | (f) | | | | | | 2,176,544 | | | | | | 60 | | | | | | — | | |
|
Issuance of New PubCo Class B Ordinary Shares
|
| | | | (i) | | | | | | 34,541,990 | | | | | | — | | | | | | 261,920 | | |
|
Conversion of Class B shares to Class A Shares
|
| | | | (j) | | | | | | — | | | | | | — | | | | | | — | | |
|
RSU compensation
|
| | | | (k) | | | | | | 20,000 | | | | | | 1 | | | | | | — | | |
|
Financing adjustments
|
| | | | (n) | | | | | | 16,200,000 | | | | | | 306 | | | | | | 139 | | |
|
Redemption adjustments
|
| | | | (p) | | | | | | (1,576,544) | | | | | | — | | | | | | — | | |
|
Non-redeeming shares
|
| | | | | | | | | | 3,807,000 | | | | | | — | | | | | | — | | |
| Totals | | | | | | | | | | | 55,168,990 | | | | | | 367 | | | | | | 262,062 | | |
| |
RSUs
|
| | | | 20,000 | | |
| |
Reference Price
|
| | | $ | 10.00 | | |
| |
2021 Average Spot Rate
|
| | | | 5.3956 | | |
| |
RSU Compensation Expense
|
| | | R$ | 1,079,112 | | |
| | | |
For six months ended
June 30, 2022 |
| |
For year ended
December 31, 2021 |
| ||||||||||||||||||
| | | |
Scenario 1:
Assuming Minimum redemptions |
| |
Scenario 2:
Assuming Maximum redemptions |
| |
Scenario 1:
Assuming Minimum redemptions |
| |
Scenario 2:
Assuming Maximum redemptions |
| ||||||||||||
|
Net Assets of HPX
|
| | | R$ | 39,395 | | | | | R$ | 39,395 | | | | | R$ | 10,546 | | | | | R$ | 10,546 | | |
|
Effect of redemption of HPX ordinary shares
|
| | | | — | | | | | | (82,579) | | | | | | — | | | | | | (87,979) | | |
|
Less: HPX’s transaction costs
|
| | | | 94,284 | | | | | | 94,284 | | | | | | 100,449 | | | | | | 100,449 | | |
|
Adjusted net assets of HPX
|
| | | | (54,889) | | | | | | (137,468) | | | | | | (89,903) | | | | | | (177,882) | | |
|
IFRS 2 charge for listing services
|
| | | R$ | 226,195 | | | | | R$ | 226,195 | | | | | R$ | 270,048 | | | | | R$ | 270,048 | | |
| | | |
Six Months ended June 30, 2022
|
| |||||||||
|
(in thousands of reais, except share data)
|
| |
Minimum
Redemptions(1) |
| |
Maximum
Redemptions(2) |
| ||||||
|
Pro forma net loss
|
| | | R$ | (64,260) | | | | | R$ | (64,260) | | |
|
Basic and diluted weighted average shares outstanding
|
| | | | 56,745,534 | | | | | | 55,168,990 | | |
|
Pro forma net loss per share – basic and diluted
|
| | | R$ | (1.13) | | | | | R$ | (1.16) | | |
| Weighted average shares outstanding – basic and diluted(3) | | | | | | | | | | | | | |
| Ambipar(4) | | | | | 39,591,990 | | | | | | 39,591,990 | | |
|
HPX public shareholders (other than the Sponsor and its affiliates (consisting of the Insiders and Rafael Grisolia))(5)
|
| | | | 2,202,944 | | | | | | 626,400 | | |
|
Sponsor and its affiliates (consisting of the Insiders and Rafael Grisolia)(6)(7)(8)(9)
|
| | | | 1,940,000 | | | | | | 1,940,000 | | |
|
PIPE Investors(5)(10)
|
| | | | 13,010,600 | | | | | | 13,010,600 | | |
|
Total
|
| | | | 56,745,534 | | | | | | 55,168,990 | | |
| | | |
Year ended December 31, 2021
|
| |||||||||
|
(in thousands of reais, except share data)
|
| |
Minimum
Redemptions(1) |
| |
Maximum
Redemptions(2) |
| ||||||
|
Pro forma net profit
|
| | | R$ | 58,885 | | | | | R$ | 58,885 | | |
|
Basic and diluted weighted average shares outstanding
|
| | | | 56,745,534 | | | | | | 55,168,990 | | |
|
Pro forma net profit per share – basic and diluted
|
| | | R$ | 1.04 | | | | | R$ | 1.07 | | |
| Weighted average shares outstanding – basic and diluted(3) | | | | | | | | | | | | | |
| Ambipar(4) | | | | | 39,591,990 | | | | | | 39,591,990 | | |
|
HPX public shareholders (other than the Sponsor and its affiliates (consisting of the Insiders and Rafael Grisolia))(5)
|
| | | | 2,202,944 | | | | | | 626,400 | | |
|
Sponsor and its affiliates (consisting of the Insiders and Rafael Grisolia)(6)(7)(8)(9)
|
| | | | 1,940,000 | | | | | | 1,940,000 | | |
|
PIPE Investors(5)(10)
|
| | | | 13,010,600 | | | | | | 13,010,600 | | |
|
Total
|
| | | | 56,745,534 | | | | | | 55,168,990 | | |
|
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
SHAREHOLDERS’ DEFICIT |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Shareholders’ Deficit | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 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 | | | | | | 78,909 | | | | | | 1,327,212 | | | | | | | | | | | | 1,406,121 | | |
|
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) |
| ||||||||||||
|
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
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
|
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 $5,641 in 2022 and 2021, respectively
|
| | | | 115,483 | | | | | | 604,900 | | | | | | (604,900) | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
|
Other
|
| | | | 466 | | | | | | 2,441 | | | | | | (2,441) | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
|
Trade and other receivables
|
| | | | — | | | | | | — | | | | | | 607,341 | | | | | | 607,341 | | | | | | (2,441) | | | | | | (b) | | | | | | 604,901 | | |
|
Prepaid expenses
|
| | | | 443 | | | | | | 2,320 | | | | | | — | | | | | | 2,320 | | | | | | (1,289) | | | | | | (b) | | | | | | 1,031 | | |
|
Other accounts receivable
|
| | | | — | | | | | | — | | | | | | 1,729 | | | | | | 1,729 | | | | | | 3,729 | | | | | | (b) | | | | | | 5,458 | | |
|
Other Assets
|
| | | | 330 | | | | | | 1,729 | | | | | | (1,729) | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
|
Total current assets
|
| | | | 118,449 | | | | | | 620,436 | | | | | | — | | | | | | 620,436 | | | | | | — | | | | | | | | | | | | 620,436 | | |
| | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
|
Property and Equipment
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
|
Historical Cost
|
| | | | 1,619 | | | | | | 8,480 | | | | | | (8,480) | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
|
Accumulated depreciation
|
| | | | (643) | | | | | | (3,368) | | | | | | 3,368 | | | | | | — | | | | | | — | | | | | | | | | | | | — | | |
| | | |
Successor
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
|
Assets
|
| |
Total before
presentation alignment & conversion (In ‘000 of US$) |
| |
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) |
| ||||||||||||||||||
|
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 | | |
| 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 | | |
| | | |
Successor
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
|
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) |
| ||||||||||||||||||
|
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
|
| |
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 | | |
| 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
|
| |
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) | | |
|
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 | | |
| |
Deferrred 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 | | |
|
Name
|
| |
Age
|
| |
Position
|
|
| Carlos Piani | | |
49
|
| | Chief Executive Officer and Chief Financial Officer and Director | |
| Bernardo Hees | | |
52
|
| | Co-Chairman of the Board of Directors | |
| Rodrigo Xavier | | |
53
|
| | Co-Chairman of the Board of Directors | |
| Marcos Peigo | | |
42
|
| | Director | |
| Wolney Edirley Goncalvez Betiol | | |
57
|
| | Director | |
| Rafael Salvador Grisolia | | |
56
|
| | Director | |
| Salete Pinheiro | | |
67
|
| | Director | |
|
Individual
|
| |
Entity/Organization
|
| |
Entity’s Business
|
| |
Affiliation
|
|
| Bernardo Hees | | | Avis Budget Group, Inc. | | | Mobility and Car Rental | | | Chairman of the Board | |
| | | | Bunge Ltd. | | | Agribusiness and Food | | | Director | |
| Carlos Piani | | | Equatorial Energia S.A. | | | Utilities | | | Chairman of the Board | |
| | | | Vibra S.A. | | | Fuel Distribution | | | Director | |
|
Individual
|
| |
Entity/Organization
|
| |
Entity’s Business
|
| |
Affiliation
|
|
| Rodrigo Xavier | | | N/A | | | N/A | | | N/A | |
| Marcos Peigo | | | Scala Data Centers S.A. | | | Data Center Platform | | | Chief Executive Officer and Board Member | |
| | | | Dyn DC Data Centers e Participações S.A. | | | Data Center Platform | | | Chief Executive Officer | |
| | | | Lemniscata Ventures | | | Investment Advisory | | | Founder | |
| Rafael Grisolia | | | N/A | | | N/A | | | N/A | |
| Wolney Betiol | | | Synapse Venture Capital | | |
Investment Firm Payments
|
| | Founder | |
| | | | EBANX S.A. | | | Payments | | |
Consulting Board Member
|
|
| Salete Pinheiro | | | Vibra S.A. | | | Petroleum Derivatives and Biofuels | | | Fiscal Board Member | |
| | | | Jereissati Participações S.A. | | | Holding Company; Primarily Telecommunication | | |
Audit Committee Member
|
|
| | | | HDI Seguros S.A. | | | Insurance | | |
Audit Committee Member
|
|
| | | | Icatu Seguros S.A. | | | Insurance | | |
Audit Committee Member
|
|
![[MISSING IMAGE: tm2223223d2-bc_overview4clr.jpg]](/DB/SEC/2023-000/1104/659-0106/36-012.jpg "Photo -- [MISSING IMAGE: tm2223223d2-bc_overview4clr.jpg]")
![[MISSING IMAGE: tm2223223d1-bc_strategy4clr.jpg]](/DB/SEC/2023-000/1104/659-0106/36-009.jpg "Photo -- [MISSING IMAGE: tm2223223d1-bc_strategy4clr.jpg]")
![[MISSING IMAGE: tm2223223d1-fc_emergbwlr.jpg]](/DB/SEC/2023-000/1104/659-0106/36-011.jpg "Photo -- [MISSING IMAGE: tm2223223d1-fc_emergbwlr.jpg]")
| | | |
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, |
| | | |||||||||||||||||||
| | | | | |
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
|
| |
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, |
| |||||||||||||||
| | | | | |
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, |
| |||||||||||||||
| | | | | |
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% | | |
|
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, |
| |||||||||||||||
| | | | | |
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, |
| | | |||||||||||||||||||
| | | | | |
2021
|
| |
2021
|
| |
2020
|
| |||||||||||||
| | | |
(in millions of R$)
|
| |||||||||||||||||||||
|
Cash and cash equivalents at the end of the year
|
| | | | 157.2 | | | | | | 80.8 | | | | | | 118.9 | | | | | | 61.8 | | |
|
Net cash generated from operating activities
|
| | | | 87.8 | | | | | | 31.0 | | | | | | 64.3 | | | | | | 32.5 | | |
|
Net cash used in investing activities
|
| | | | (259.2) | | | | | | (256.6) | | | | | | (448.4) | | | | | | (117.7) | | |
|
Net cash generated from financing activities
|
| | | | 195.1 | | | | | | 217.6 | | | | | | 433.3 | | | | | | 108.9 | | |
|
Exchange rate change in cash and cash equivalent
|
| | | | 14.7 | | | | | | 27.0 | | | | | | 8.0 | | | | | | 25.8 | | |
|
Increase in cash and cash equivalents
|
| | | | 23.6 | | | | | | (8.0) | | | | | | 49.2 | | | | | | 23.7 | | |
| | | |
As of June 30, 2022
|
| |||||||||||||||
| | | | | |
Maturity
|
| |
Current
|
| |
Non-current
|
| |||||||
| | | | | | | | | |
(combined)
(in millions of R$) |
| |||||||||
|
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(1) | | |
52
|
| | Chairman of the Board | |
|
Izabel Cristina Andriotti Cruz de Oliveira(1)
|
| |
57
|
| | Director | |
| Alessandra Bessa Alves de Melo(1) | | |
51
|
| | Director | |
| Thiago da Costa Silva(2) | | |
38
|
| | Director | |
| Mariana Loyola Ferreira Sgarbi(1) | | |
39
|
| | Independent Director | |
| Carlos Piani(1) | | |
49
|
| | Independent Director | |
| Victor Almeida(1) | | |
32
|
| | Independent Director | |
|
Name
|
| |
Age
|
| |
Position
|
|
| 1. Carlos Piani(1) | | |
49
|
| |
Member
|
|
| 2. Thiago da Costa Silva(1) | | |
38
|
| |
Member
|
|
| 3. Mariana Loyola Ferreira Sgarbi(1) | | |
39
|
| |
Member
|
|
|
Name
|
| |
Age
|
| |
Position
|
|
| Executive Officers | | | | | | | |
| 1. Yuri Keiserman(1) | | |
47
|
| | Chief Executive Officer | |
| 2. Rafael Espírito Santo(2) | | |
42
|
| | Chief Financial Officer | |
| 3. Guilherme Patini Borlenghi(2) | | |
29
|
| | Chief Operational Officer | |
| 4. Pedro Petersen(2) | | |
30
|
| | Chief Investor Relations Officer | |
| 5. Dennys Spencer Maio(3) | | |
43
|
| | President Brazil | |
| 6. Pablo Enrique Pinochet Chateau(3) | | |
51
|
| | President Latin America | |
| 7. Shannon Riley(3) | | |
51
|
| | President North America | |
| 8. Martin Lehane(3) | | |
50
|
| | President Europe | |
| |
HPX (Existing Governing Documents)
|
| |
New PubCo (Proposed Governing Documents)
|
|
| |
Authorized Share Capital
|
| |||
| | HPX is authorized to issue up to 500,000,000 HPX Class A Ordinary Shares of a par value of $0.0001 each, 50,000,000 HPX Class B Ordinary Shares of a par value of $0.0001 each, and 5,000,000 undesignated preference shares of a par value of $0.0001 each. | | |
New PubCo will be authorized to issue (i) 250,000,000 New PubCo Class A Ordinary Shares, par value $0.0001 per New PubCo Class A Ordinary Share, (ii) 150,000,000 New PubCo Class B Ordinary Shares, par value $0.0001 per New PubCo Class B Ordinary Share, and (iii) 100,000,000 shares of such class or classes (howsoever designated) and having the rights as the board of directors of New PubCo may determine from time to time in accordance with the Proposed Governing Documents.
Every holder of New PubCo Class A Ordinary Shares, present in person or by proxy and entitled to vote thereon, shall be entitled to one vote in respect of each New PubCo Class A Ordinary Share held by them. Each New PubCo Class B Ordinary Share will be entitled to 10 votes per share compared with one vote per share for New PubCo Class A Ordinary Shares.
|
|
| |
Rights of Preference Shares
|
| |||
| | Subject to the Existing Governing Documents, the HPX Board may issue 5,000,000 HPX preference shares with a par value of $0.0001. The HPX Board is authorized to fix the voting rights, if any, designations, powers, preferences, the relative, participating, optional or other special rights and any qualifications, limitations and restrictions thereof, applicable to the shares of each series. The HPX Board is able to issue preference shares with voting and other rights that could adversely affect the voting power and other rights of the holders of | | | The board of directors of New PubCo will be authorized to create one or more classes or series of preference shares, to cause to be issued such preference shares and to fix the designations, powers, preferences and relative participating, optional and other rights, if any, and the qualifications, limitations and restrictions thereof, if any, including, without limitation, the number of shares constituting each such class or series, dividend rights, conversion rights, redemption privileges, voting rights and powers (including full | |
| |
HPX (Existing Governing Documents)
|
| |
New PubCo (Proposed Governing Documents)
|
|
| | the ordinary shares and could have anti-takeover effects. | | | or limited or no voting rights or powers) and liquidation preferences, and to increase or decrease the number of shares comprising any such class or series (but not below the number of shares of any class or series of preferred shares then outstanding) to the extent permitted by law; provided, however, that for so long as Opportunity Agro Fund has the right to designate a director to the board of directors of New PubCo, New PubCo shall not issue any preference shares to a person on any terms unless it has made an offer to Opportunity Agro Fund to issue to Opportunity Agro Fund, on the same or more favorable economic terms as those terms applying to the applicable proposed issuance of preference shares, a number of preference shares equal to the product of (i) the number of preference shares to be issued and (ii) a fraction (x) the numerator of which is the New PubCo Class A Shares then held by Opportunity Agro Fund and (y) the denominator of which is all of the then issued and outstanding New Pubco Class A Shares and New PubCo Class B Ordinary Shares as a single class; and the period during which any such offer may be accepted has expired or New PubCo has received notice of the acceptance or refusal by Opportunity Agro Fund of the offer so made; an offer made pursuant to such proviso may be made in either hard copy or by electronic communication, must state a period during which it may be accepted, the offer shall not be withdrawn before the end of that period and the period referred to must be at least 14 days beginning with the date on which the offer is deemed to be delivered in accordance with the Proposed Governing Documents. | |
| | Number and Qualification of Directors | | |||
| |
The HPX Board must consist of not less than one (1) person provided however that the Company may by ordinary resolution increase or reduce the limits in the number of directors.
Directors will not be required to hold any shares in HPX unless and until such time that HPX in a general meeting fixes a minimum shareholding required to be held by a director.
|
| |
The board of directors of New PubCo must consist of such number of directors as a majority of the directors in office may determine from time to time; provided that it is not less than five (5) directors and no more than eleven (11) directors, unless otherwise determined by the shareholders acting by special resolution, with the approval by the holders of a majority of the New PubCo Class A Ordinary Shares, voting exclusively and as a separate class.
Directors will not be required to hold any shares in New PubCo.
|
|
| |
Election/Removal of Directors
|
| |||
| | HPX may by ordinary resolution appoint any person to be a director or may by ordinary resolution remove any director. The directors may | | | Directors shall be elected by shareholder ordinary resolution subject to the appointment rights as described below. | |
| |
HPX (Existing Governing Documents)
|
| |
New PubCo (Proposed Governing Documents)
|
|
| | appoint any person to be a director, either to fill a vacancy or as an additional director provided that the appointment does not cause the number of directors to exceed any number fixed by or in accordance with the Existing Governing Documents as the maximum number of directors. | | | With respect to the election of the New PubCo board of directors, under the terms of the Articles, Ambipar will have the right to nominate, appoint and remove the members of New PubCo’s board of directors as follows, (i) for so long as the aggregate voting power of New PubCo Class B Ordinary Shares held by Ambipar continues to be at least fifty percent (50%) of the total voting power of all shares, then Ambipar shall be entitled to nominate at least the majority of the directors; provided that at least one out of such directors shall qualify as an independent director pursuant to Rule 10A-3 under the Exchange Act and shall also be appointed as a member of the Audit Committee; provided, further, that if more than one director nominated by Ambipar shall be appointed as a member of the audit committee, such member shall also qualify as an independent director pursuant to Rule 10A-3 under the Exchange Act should the applicable rules and regulations so require; or (ii) for so long as the aggregate voting power of New PubCo Class B Ordinary Shares held by Ambipar continues to be at least twenty-five percent (25%), but less than fifty percent (50%), of the total voting power of all shares, then Ambipar shall be entitled to nominate at least one-third of the directors to the board of directors of New PubCo. | |
| | | | |
For so long as the Sponsor is subject to the transfer restrictions with respect to its New PubCo Class A Ordinary Shares pursuant to the terms of the Investor Rights Agreement, the Sponsor shall be entitled to nominate one director by written notice served upon New PubCo; provided that such Sponsor director shall qualify as an independent director. The Sponsor director shall also be appointed as a member of the audit committee; provided that the Sponsor director shall be considered an independent director pursuant to Rule 10A-3 under the Exchange Act.
For so long as Opportunity Agro Fund shall hold at least fifty percent (50%) of the New PubCo Class A Ordinary Share voting power held by Opportunity Agro Fund immediately after Closing, Opportunity Agro Fund shall be entitled to nominate one director by written notice served upon the New PubCo.
Each of Ambipar, the Sponsor and Opportunity Agro Fund, as applicable, shall have the exclusive right to appoint and remove the respective director(s) appointed by it, and appoint replacement director(s). Any such directors shall be nominated, appointed and removed only by Ambipar, the
|
|
| |
HPX (Existing Governing Documents)
|
| |
New PubCo (Proposed Governing Documents)
|
|
| | | | |
Sponsor or Opportunity Agro Fund, as the case may be, by written notice served upon New PubCo. Such appointment or removal by Ambipar, the Sponsor or Opportunity Agro Fund, as applicable, shall have immediate effect when the notice is served, or take effect at such later time as may be stated in such notice.
Each director shall hold office for such term as the resolution appointing him may determine or until his vacation of office as a director or the director’s removal in accordance with the Proposed Governing Documents notwithstanding any agreement between New PubCo and such director. Directors are eligible for re-election.
Subject to the appointment rights summarized above, any director may be removed from office at any time before the expiration of his/her term (with or without cause) by ordinary resolution.
|
|
| |
Cumulative Voting
|
| |||
| | Holders of HPX Shares do not have cumulative voting rights. | | | Holders of New PubCo Ordinary Shares will not have cumulative voting rights. | |
| |
Vacancies on the Board of Directors
|
| |||
| |
The office of any director shall be vacated if:
(a) such director resigns by notice in writing to HPX;
(b) such director absents himself (for the avoidance of doubt, without being represented by proxy) from three consecutive meetings of the HPX Board without special leave of absence from the directors, and the directors pass a resolution that he/she has by reason of such absence vacated office;
(c) such director dies, becomes bankrupt or makes any arrangement or composition with his creditors generally; or
(d) such director is found to be or becomes of unsound mind; or
(e) all of the other directors (being not less than two in number) determine that he/she should be removed as a director, either by a resolution passed by all of the other directors at a meeting of the directors duly convened and held in accordance with the Existing Governing Documents or by a resolution in writing signed by all of the other directors.
|
| |
The office of any director shall be automatically vacated if:
(a) such director becomes prohibited by law from being a director;
(b) such director dies or is, in the opinion of all his co-directors, incapable by reason of mental disorder of discharging his duties as director:
(c) such director becomes bankrupt or makes any arrangement or composition with his creditors generally;
(d) such director resigns by notice in writing to New PubCo; or
(e) such director has for more than six (6) months been absent without permission of the directors from meetings of directors held during that period, and the remaining directors resolve that his or her office be vacated.
Subject to the appointment rights (as summarized above in the item entitled “Election/Removal of Directors”), any vacancies on the board of directors of New PubCo arising other than upon the removal of a director by resolution passed at a general meeting can be filled by the remaining director(s). Any such appointment shall be as an interim
|
|
| |
HPX (Existing Governing Documents)
|
| |
New PubCo (Proposed Governing Documents)
|
|
| | | | | director to fill such vacancy until the next annual general meeting of shareholders (and such appointment shall terminate at the commencement of the annual general meeting). | |
| |
Amendment to Articles of Association (Governing Documents)
|
| |||
| |
HPX may by ordinary resolution:
(a) increase its share capital by such sum as the ordinary resolution shall prescribe and with such rights, priorities and privileges annexed thereto, as HPX in a general meeting may determine;
(b) consolidate and divide all or any of its share capital into shares of larger amount than its existing shares;
(c) convert all or any of its paid-up shares into stock, and reconvert that stock into paid-up shares of any denomination;
|
| |
Subject to the Companies Act, New PubCo may at any time and from time to time by special resolution alter or amend the Proposed Governing Documents, in whole or in part; provided that New PubCo shall not:
(a) amend the Proposed Governing Documents in the event such amendment would adversely affect the rights of the holders of New PubCo Class A Ordinary Shares or otherwise have an adverse effect on such rights without the approval of a majority of the voting power of the New PubCo Class A Ordinary Shares, voting exclusively and as a separate class;
|
|
| |
(d) by subdivision of its existing shares or any of them divide the whole or any part of its share capital into shares of smaller amount than is fixed by the Existing Governing Documents or into shares without par value; and
(e) cancel any shares that at the date of the passing of the ordinary resolution have not been taken or agreed to be taken by any person and diminish the amount of its share capital by the amount of the shares so cancelled.
Subject to the provisions of the Companies Act and the provisions of the Existing Governing Documents as regards the matters to be dealt with by ordinary resolution, HPX may by special resolution:
(a) change its name;
(b) alter or add to the articles;
(c) alter or add to the memorandum with respect to any objects, powers or other matters specified therein; and
(d) reduce its share capital or any capital redemption reserve fund.
In the event that any amendment is made to the Existing Governing Documents (a) to modify the substance or timing of HPX’s obligation to allow redemption in connection with a business combination or redeem 100 per cent of the HPX Class A Ordinary Shares if HPX does not consummate a business combination by March 31, 2023, or such later time as the members may
|
| |
(b) for so long as Sponsor has the right to designate a director to the board of directors of New PubCo pursuant to the Proposed Governing Documents (as summarized above in the item entitled “Election/Removal of Directors”), without the approval by vote or written consent of the Sponsor, amend certain articles related to the Sponsor’s appointment rights (rights to appoint and remove directors as summarized above in the item entitled “Election/Removal of Directors”) to the detriment of the Sponsor, nor amend the articles requiring: (i) the approval of a majority of the voting power of the New PubCo Class A Ordinary Shares (as noted in paragraph (a) immediately above); and (ii) the approval of the Sponsor as detailed in this paragraph (b), to amend the Proposed Governing Documents;
(c) for so long as Opportunity Agro Fund has the right to designate a director to the board pursuant to the Proposed Governing Documents (as summarized above in the item entitled “Election/Removal of Directors”), without the approval by vote or written consent of Opportunity Agro Fund, amend certain articles related to the creation and issuance of preference shares, and Opportunity Agro Fund’s appointment rights (rights to appoint and remove directors as summarized above in the item entitled “Election/Removal of Directors”) to the detriment of Opportunity Agro Fund, nor amend the articles requiring (i) the approval of a majority of the voting power of the New PubCo Class A Ordinary Shares (as noted in paragraph (a) immediately above); and (ii) the approval of
|
|
| |
HPX (Existing Governing Documents)
|
| |
New PubCo (Proposed Governing Documents)
|
|
| | approve in accordance with the Existing Governing Documents; or (b) with respect to any other provision relating to shareholders’ rights or pre-business combination activity; HPX shall provide the holders of HPX Class A Ordinary Shares with the opportunity to redeem their HPX Class A Ordinary Share upon the approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (which interest shall be net of taxes payable) earned on the funds held in the Trust Account and not previously released to HPX to pay its taxes, divided by the number of then outstanding HPX Class A Ordinary Shares. In addition, in no event will HPX redeem HPX Class A Ordinary Shares that would cause HPX’s net tangible assets to be less than US$5,000,001 following such redemptions. | | | Opportunity Agro Fund as detailed in this paragraph (c), to amend the Proposed Governing Documents; and (d) for so long as Opportunity Agro Fund has the right to designate a director to the board pursuant to the Proposed Governing Documents (as summarized above in the item entitled “Election/Removal of Directors”), without the approval by vote or written consent of Opportunity Agro Fund, amend or terminate any policies with respect to related party transactions of New PubCo. | |
| |
Quorum
|
| |||
| |
Shareholders. The holders of a majority of the HPX shares being individuals present in person or by proxy or if a corporation or other non-natural person by its duly authorized representative or proxy shall be a quorum for a general meeting of HPX.
Board of Directors. The quorum for the transaction of the business of the HPX directors may be fixed by the directors, and unless so fixed shall be a majority of the directors then in office.
|
| |
Shareholders. No business will be transacted at any general meeting unless a quorum of shareholders is present at the time when the meeting proceeds to business. One or more shareholders holding not less than one-third in aggregate of the voting power of all shares in issue and entitled to vote, present in person or by proxy, will be a quorum.
Board of Directors. The quorum necessary for the transaction of the business of the directors is a simple majority of the directors then in office (subject to there being a minimum of two directors present). A person who holds office as an alternate director will, if his appointer is not present, be counted in the quorum.
|
|
| |
Shareholder Meetings
|
| |||
| |
HPX may, but shall not (unless required by the Companies Act) be obliged to, in each year hold a general meeting as its annual general meeting, and shall specify the meeting as such in the notices calling it. Any annual general meeting shall be held at such time and place as the directors shall appoint. At these meetings the report of the directors (if any) shall be presented.
General meetings may be called only by:
(a) the HPX directors;
(b) the chief executive officer; or
(c) the chairman of the HPX Board.
Shareholders do not have the ability to call general meetings.
|
| |
New PubCo may, at the discretion of the board of directors, hold an annual general meeting in the year in which the Proposed Governing Documents are adopted and an annual general meeting will be held in each year thereafter at such time as determined by the board, and New PubCo may, but will not (unless required by the Companies Act) be obliged to, in each year hold any other general meeting. All general meetings other than the annual general meetings shall be called extraordinary general meetings, and New PubCo shall specify the meeting as such in the notices calling it. The annual general meeting will be held at such time and place as the directors will determine from time to time. To the extent permitted by law, annual general meetings may also be held virtually.
The directors may, whenever they think fit, call an
|
|
| |
HPX (Existing Governing Documents)
|
| |
New PubCo (Proposed Governing Documents)
|
|
| | | | | extraordinary general meetings, and must convene an extraordinary general meeting at the requisition of shareholders holding shares representing in the aggregate not less than one-third of the votes that may be cast by all of the issued share capital of New PubCo. | |
| | Notice of Shareholder Meetings | | |||
| |
At least five clear days’ notice shall be given of any general meeting. Every notice shall specify the place, the day and the hour of the meeting and the general nature of the business to be conducted at the general meeting; provided that a general meeting of HPX will, whether or not the notice provisions have been complied with, be deemed to have been duly convened if it is so agreed:
(a) in the case of an annual general meeting, by all shareholders (or their proxies) entitled to attend and vote thereat; and
(b) in the case of an extraordinary general meeting, by a majority in number of the shareholders having a right to attend and vote at the meeting, together holding not less than ninety-five per cent (95%) in par value of the HPX Shares giving that right.
|
| |
At least ten clear days’ notice will be given for any general meeting. Every notice will be exclusive of the day on which it is given or deemed to be given and of the day for which it is given and will specify the place, the day and the hour of the meeting and the general nature of the business and will be given in the manner mentioned in the Proposed Governing Documents; provided that a general meeting of New PubCo will, whether or not the notice provisions have been complied with, be deemed to have been duly convened if it is so agreed:
(a) in the case of an annual general meeting, by all shareholders (or their proxies) entitled to attend and vote thereat; and
(b) in the case of an extraordinary general meeting, by shareholders (or their proxies) having a right to attend and vote at the meeting, together holding shares entitling the holders to not less than ninety-five per cent (95%) of the votes entitled to be cast at such extraordinary general meeting.
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Indemnification, liability insurance of Directors and Officers
|
| |||
| |
Every HPX director and officer (which for the avoidance of doubt, shall not include auditors of HPX), together with every former director and former officer shall be indemnified out of HPX’s assets against any liability, action, proceeding, claim, demand, costs, damages or expenses, including legal expenses, which they or any of them may incur as a result of any act or failure to act in carrying out their functions other than such liability (if any) that they may incur by reason of their own actual fraud, willful neglect or willful default.
HPX directors, on behalf of HPX, may purchase and maintain insurance for the benefit of any HPX director or officer against any liability which, by virtue of any rule of law, would otherwise attach to such person in respect of any negligence, default, breach of duty or breach of trust of which such person may be guilty in relation to HPX.
|
| | Every director, alternate director, secretary, and officer then or from time to time in office of New PubCo will be indemnified and secured harmless out of the assets and funds of New PubCo against any liability, action, proceeding, claim, demand, costs, charges, losses, judgments, fines, settlements, and other amounts, including reasonable attorneys’ fees and expenses and amounts paid in settlement and costs of investigation, incurred or sustained by them otherwise than by reason of their own dishonesty, willful default or fraud in or about the conduct of the New PubCo’s business or affairs (including as a result of any mistake of judgment) or in the execution or discharge of their duties, powers. The directors, on behalf of New PubCo, may purchase and maintain insurance for the benefit of any director, alternate director, secretary, auditor of New PubCo or a company which is or was a subsidiary of New PubCo or in which New PubCo has or had an interest (direct or indirect), against any liability which, by virtue of any rule of law, would otherwise attach to such person in | |
| |
HPX (Existing Governing Documents)
|
| |
New PubCo (Proposed Governing Documents)
|
|
| | | | | respect of any negligence, default, breach of fiduciary or other duty or breach of trust of which such person may be guilty in relation to New PubCo. | |
| |
Dividends
|
| |||
| | Subject to the Companies Act and the Existing Governing Documents and except as otherwise provided by the rights attached to any HPX shares, the HPX directors may resolve to pay dividends and other distributions on HPX shares in issue and authorize payment of the dividends or other distributions out of the funds of HPX lawfully available therefor. A dividend shall be deemed to be an interim dividend unless the terms of the resolution pursuant to which the HPX directors resolve to pay such dividend specifically state that such dividend shall be a final dividend. No dividend or other distribution shall be paid except out of the realized or unrealized profits of HPX, out of the share premium account or as otherwise permitted by law. | | | Subject to rights and restrictions attached to any class of shares and the Proposed Governing Documents, the directors may from time to time declare dividends (including interim dividends) and other distributions on shares in issue and authorize payment of the same out of the funds of New PubCo lawfully available therefor, but no dividend shall exceed the amount recommended by the directors. | |
| |
Winding up
|
| |||
| |
If HPX shall be wound up, the liquidator shall apply the assets of HPX in satisfaction of creditors’ claims in such manner and order as such liquidator thinks fit. Subject to the rights attaching to any shares, in a winding up:
(a) if the assets available for distribution amongst the shareholders shall be insufficient to repay the whole of HPX’s issued share capital, such assets shall be distributed so that, as nearly as may be, the losses shall be borne by the shareholders in proportion to the par value of the shares held by them; or
(b) if the assets available for distribution amongst the shareholders shall be more than sufficient to repay the whole of HPX’s issued share capital at the commencement of the winding up, the surplus shall be distributed amongst the shareholders in proportion to the par value of the shares held by them at the commencement of the winding up subject to a deduction from those shares in respect of which there are monies due, of all monies payable to HPX for unpaid calls or otherwise.
If HPX shall be wound up the liquidator may, subject to the rights attaching to any shares and with the approval of a special resolution of HPX and any other approval required by the Companies Act, divide amongst the shareholders in kind the whole or any part of the assets of HPX (whether
|
| |
Subject to the rights attaching to any shares, in a winding up:
(a) if the assets available for distribution amongst the shareholders are insufficient to repay the whole of New PubCo’s issued share capital, such assets will be distributed so that, as nearly as may be, the losses be borne by the shareholders in proportion to the capital paid up, or which ought to have been paid up, at the commencement of the winding up, on the shares held by them respectively; or
(b) if the assets available for distribution amongst the shareholders are more than sufficient to repay the whole of New PubCo’s issued share capital at the commencement of the winding up, the surplus will be distributed amongst the shareholders in proportion to the capital paid up at the commencement of the winding up on the shares held by them respectively.
If New PubCo is wound up, the liquidator may, subject to the rights attaching to any shares and with the approval of a special resolution and any other approval required by the Companies Act, divide amongst the shareholders in kind the whole or any part of the assets of New PubCo and may for that purpose value any assets and determine how the division will be carried out as between the shareholders or different classes of shareholders. The liquidator may, with the like approval, vest the
|
|
| |
HPX (Existing Governing Documents)
|
| |
New PubCo (Proposed Governing Documents)
|
|
| |
such assets shall consist of property of the same kind or not) and may for that purpose value any assets and determine how the division shall be carried out as between the shareholders or different classes of shareholders. The liquidator may, with the like approval, vest the whole or any part of such assets in trustees upon such trusts for the benefit of the shareholders as the liquidator, with the like approval, shall think fit, but so that no shareholder shall be compelled to accept any asset upon which there is a liability.
The Existing Governing Documents provide that if HPX does not consummate a business combination (as defined in the HPX’s Existing Governing Documents) by March 31, 2023 (or such later date as may be approved by the HPX shareholders in connection with an Additional Extension), HPX will cease all operations except for the purposes of winding up and will redeem the shares issued in HPX’s initial public offering and liquidate its trust account.
|
| | whole or any part of such assets in trustees upon such trusts for the benefit of the shareholders as the liquidator, with the like approval, shall think fit, but so that no shareholder shall be compelled to accept any asset upon which there is a liability. | |
| |
Supermajority Voting Provisions
|
| |||
| |
A special resolution, requiring not less than a two- thirds vote, is required to:
(a) amend the Existing Governing Documents (Articles);
(b) change HPX’s name;
(c) alter or add to the Existing Governing Documents (Memorandum) with respect to any objects, powers or other matters specified therein;
(d) merge or consolidate HPX with one or more other constituent companies;(e) reduce HPX’s share capital and any capital redemption reserve; and
(f) in a winding up, approve the liquidator to divide amongst the shareholders the assets of HPX, value the assets for that purpose and determine how the division will be carried out between the shareholders or different classes of shareholders, or vest the whole or any part of such assets in trustees upon such trusts for the benefit of the shareholders as the liquidator shall think fit, except that no shareholder shall be compelled to accept any asset upon which there is a liability.
Additionally, HPX will not, without the approval of holders of a majority of the voting power of the HPX Class B Ordinary Shares, voting exclusively and as a separate class, appoint any person to be a director or remove any director.
|
| |
A special resolution, requiring not less than a two- thirds vote, is required to:
(a) amend the Proposed Governing Documents, subject, further, to the limitations summarized in the item above entitled “Amendment to Articles of Association”;
(b) increase the maximum number of directors to above nine;
(c) change New PubCo’s name;
(d) change New PubCo’s registration to a jurisdiction outside the Cayman Islands;
(e) merge or consolidate New PubCo with one or more other constituent companies, upon such terms as the directors may determine;
(f) reduce New PubCo’s share capital and any capital redemption reserve; and
(g) in a winding up, direct the liquidator to divide amongst the shareholders the assets of New PubCo, value the assets for that purpose and determine how the division will be carried out between the shareholders or different classes of shareholders.
Additionally, New PubCo will not, without the approval of holders of a majority of the voting power of the New PubCo Class A Ordinary Shares, voting exclusively and as a separate class, determine that the Board consist of a number of directors that
|
|
| |
HPX (Existing Governing Documents)
|
| |
New PubCo (Proposed Governing Documents)
|
|
| | | | | is less than five or more than eleven directors. | |
| | Anti-Takeover Provisions | | |||
| | The provision of the Existing Governing Documents that authorizes the HPX Board to issue and set the voting and other rights of preference shares from time to time and the terms and rights of the HPX Shares. | | |
The provision of the Proposed Governing Documents that authorizes the board of directors of New PubCo to issue and set the voting and other rights of preferred shares from time to time.
New PubCo’s authorized but unissued New PubCo Ordinary Shares are available for future issuances without shareholder approval and could be utilized for a variety of corporate purposes.
New PubCo Class B Ordinary Shares are entitled to ten (10) votes per share, while the New PubCo Class A Ordinary Shares are entitled to one (1) vote per share. The controlling shareholder owns all of the New PubCo Class B Ordinary Shares and has the ability to elect certain directors and to determine the outcome of most matters submitted for a vote of shareholders.
For more information, see “Anti-Takeover Provisions in New PubCo’s Articles of Association.”
|
|
|
Redemption Date
|
| |
Fair Market Value of New PubCo Class A Ordinary Shares
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
|
(period to expiration of New PubCo 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 | | |
|
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 | | |
|
Redemption Date
|
| |
Fair Market Value of New PubCo Class A Ordinary Shares
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
|
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 | | |
|
Name and Address of Beneficial Owner
|
| |
Pre-Business
Combination(2) |
| |
Post-Business Combination
Assuming Minimum Redemption |
| |
Post-Business Combination
Assuming Maximum Redemption |
| |||||||||||||||||||||||||||
| |
Number
|
| |
Percentage
|
| |
Number
|
| |
Percentage
|
| |
Number
|
| |
Percentage
|
| ||||||||||||||||||||
|
HPX’s Officers, Directors and Five Percent or More Holders Pre-Business Combination:(1)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
HPX Capital Partners LLC(3)
|
| | | | 6,245,000 | | | | | | 73.6% | | | | | | 1,860,000 | | | | | | 3.3% | | | | | | 1,860,000 | | | | | | 3.4% | | |
|
Carlos Piani(3)
|
| | | | 2,081,666 | | | | | | 24.5% | | | | | | 620,000 | | | | | | 1.1% | | | | | | 620,000 | | | | | | 1.1% | | |
| | | | | 2,081,667 | | | | | | 24.5% | | | | | | 620,000 | | | | | | 1.1% | | | | | | 620,000 | | | | | | 1.1% | | | |
| | | | | 2,081,667 | | | | | | 24.5% | | | | | | 620,000 | | | | | | 1.1% | | | | | | 620,000 | | | | | | 1.1% | | | |
| | | | | 20,000 | | | | | | 0.2% | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | |
|
Wolney Edirley Goncalvez
Betiol |
| | | | 20,000 | | | | | | 0.2% | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | |
| | | | | — | | | | | | — | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | |
| | | | | 20,000 | | | | | | 0.2% | | | | | | 20,000 | | | | | | * | | | | | | 20,000 | | | | | | * | | | |
|
All directors and executive officers as a group (7 individuals)(3)
|
| | | | 6,305,000 | | | | | | 74.3% | | | | | | 1,940,000 | | | | | | 3.4% | | | | | | 1,940,000 | | | | | | 3.5% | | |
|
Directors and Executive Officers
of New PubCo After Consummation of the Business Combination:(5) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Tércio Borlenghi Junior(6)
|
| | | | — | | | | | | — | | | | | | 22,238,200 | | | | | | 39.2% | | | | | | 22,238,200 | | | | | | 40.3% | | |
|
Izabel Cristina Andriotti Cruz de
Oliveira |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Alessandra Bessa Alves de
Melo |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | |
|
Name and Address of Beneficial Owner
|
| |
Pre-Business
Combination(2) |
| |
Post-Business Combination
Assuming Minimum Redemption |
| |
Post-Business Combination
Assuming Maximum Redemption |
| |||||||||||||||||||||||||||
| |
Number
|
| |
Percentage
|
| |
Number
|
| |
Percentage
|
| |
Number
|
| |
Percentage
|
| ||||||||||||||||||||
|
Mariana Loyola Ferreira
Sgarbi |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Carlos Piani(3)
|
| | | | 2,081,666 | | | | | | 24.5% | | | | | | 620,000 | | | | | | 1.1% | | | | | | 620,000 | | | | | | 1.1% | | |
|
Victor Almeida(7)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Yuri Keiserman
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Rafael Espírito Santo
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Guilherme Patini Borlenghi
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
Pedro Petersen
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
|
All directors and executive officers as a group (11 individuals)
|
| | | | 2,081,666 | | | | | | 24.5% | | | | | | 22,858,200 | | | | | | 40.3% | | | | | | 22,858,200 | | | | | | 41.4% | | |
|
Five Percent or More Holders and
Certain Other Holders Post-Business Combination: |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
Ambipar Participações e
Empreendimentos S.A.(6) |
| | | | — | | | | | | — | | | | | | 39,591,990 | | | | | | 69.8% | | | | | | 39,591,990 | | | | | | 71.8% | | |
|
Opportunity Agro Fundo de
Investimento em Participações Multiestratégia Investimento no Exterior(7) |
| | | | — | | | | | | — | | | | | | 11,810,000 | | | | | | 20.8% | | | | | | 11,810,000 | | | | | | 21.4% | | |
|
Other PIPE Investors(8)
|
| | | | — | | | | | | — | | | | | | 1,200,600 | | | | | | 2.1% | | | | | | 1,200,600 | | | | | | 2.2% | | |
|
Non-Redeeming
Shareholders(8) |
| | | | 600,000 | | | | | | 7.1% | | | | | | 626,400 | | | | | | 1.1% | | | | | | 626,400 | | | | | | 1.1% | | |
|
Other HPX shareholders(9)
|
| | | | 1,576,544 | | | | | | 18.6% | | | | | | 1,576,544 | | | | | | 2.8% | | | | | | — | | | | | | — | | |
| | | | | ||
| | Financial Statements: | | | | |
| | | | | ||
| | | | | ||
| | | | | ||
| | | | | ||
| | | | |
| | | | | ||
| | | | | ||
| | | | | ||
| | | | | ||
| | | | |
| | | | | ||
| | | | | ||
| | | | | ||
| | | | | ||
| | | | |
| | | | | ||
| | Combined Financial Statements: | | | | |
| | | | | ||
| | | | | ||
| | | | | ||
| | | | | ||
| | | | | ||
| | | | |
| | | | | ||
| | | | | ||
| | | | | ||
| | | | | ||
| | | | | ||
| | | | |
| | | | | ||
| | Consolidated Financial Statements: | | | ||
| | | | | ||
| | | | | ||
| | | | | ||
| | | | | ||
| | | | | ||
| | | | | ||
| | | | | ||
| | | | | ||
| | | | | ||
| | | | |
| | | | | | | ||||||||
| 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 | | |
| | | | | | | ||||||||
|
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 |
| | | |||||||
| 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
|
| | | |||||||||||||||||||
| | | |
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
|
| | | | | |||||||||||
| 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 | | |
| | | | | | | ||||||||
|
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 | | |
| | | | | | | ||||||||
| | | |
(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, |
| ||||||||||||||||||
| | | | | |
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,
|
| |||||||||
| | | | | |
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
|
| | | |
Level
|
| | | ||||||||||||||
| 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 | | |
| | | | | ||||
|
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
|
| | | $ | — | | |
| | | | | | | ||||||||
| | | |
(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, |
| ||||||||||||||||||
| | | | | |
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, |
| |||||||||
| | | | | |
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
|
| | | |
Level
|
| | | ||||||||||||||
| 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 | | |
| | | | | ||||
|
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
|
| | | | | ||||||||
|
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
|
| |
![[MISSING IMAGE: lh_bdobr-4c.jpg]](/DB/SEC/2023-000/1104/659-0106/36-005.jpg "Photo -- [MISSING IMAGE: lh_bdobr-4c.jpg]"){kind=small}
![[MISSING IMAGE: ft_bdorcs-bw.jpg]](/DB/SEC/2023-000/1104/659-0106/36-002.jpg "Photo -- [MISSING IMAGE: ft_bdorcs-bw.jpg]"){kind=small}
| | | |
Note
|
| | | | | | | |||||||||||||||
| 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
|
| | | | | | | |||||||||||||||
| 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) | | | | | | — | | | | | | — | | | | |
|
—
|
| | | | | | | | | | | | ||||||||||||||||||||
| | | | | | | | | | | 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
|
| |||||||||||||||
| | | | | | | | | |
Jun 30,
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
|
| | | | | | | ||||||||||||
|
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
|
| |||||||||||||||
| | | | | | | | | ||||||||||||
|
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
|
| |||||||||||||||
| | | | | | | | | ||||||||||||
|
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
|
| |||||||||||||||
| | | | | | | | | ||||||||||||
|
Prepaid Income tax and social contribution (IR/CS)
|
| | | | 4,895 | | | | | | 2,350 | | | | | | 1,907 | | |
| | | | | | 4,895 | | | | | | 2,350 | | | | | | 1,907 | | |
| | | |
Combined
|
| |||||||||||||||
| | | | | | | | | ||||||||||||
|
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 | | |
| | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
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 | | |
| | | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | |
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 | | |
| | | | | |
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 | | |
| | | | | |
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
|
| | | | | ||||||||
|
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
|
| |||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
|
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
|
| |||||||||||||||
| | | | | | | | | ||||||||||||
|
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
|
| |||||||||||||||
| | | | | | | | | ||||||||||||
|
Income tax
|
| | | | 6,490 | | | | | | 1,562 | | | | | | 1,638 | | |
|
Social contribution
|
| | | | 382 | | | | | | 75 | | | | | | 256 | | |
| | | | | | 6,872 | | | | | | 1,637 | | | | | | 1,894 | | |
| | | |
Combined
|
| |||||||||||||||||||||||||||||||||
| | | | | | | | | ||||||||||||||||||||||||||||||
| | | |
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
|
| |||||||||||||||||||||||||||||||||
| | | | | | | | | ||||||||||||||||||||||||||||||
| | | |
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
|
| |||||||||||||||
| | | | | | | | | ||||||||||||
| 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
|
| |||||||||||||||
| | | | | | | | | ||||||||||||
|
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
|
| | | | | | | ||||||||||||
|
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
|
| | | | | | | ||||||||||||
|
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
|
| | | | | | | ||||||||||||
|
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
|
| | | | | | | ||||||||||||
|
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
|
| | | | | |||||||||||
| 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
|
| | | | | |||||||||||
| 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
|
| | | | | |||||||||||
|
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
|
| ||||||
| | | | | | | ||||||||
|
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
|
| |
| | | | | | | | | | | 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
|
| ||||||
| | | | | | | ||||||||
| 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
|
| |||||||||||||||||||||
| | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||
| 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
|
| | | | | ||||||||
|
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 | | |
| | | | | | | ||||||||
|
Cash and banks
|
| | | | 93,149 | | | | | | 57,457 | | |
|
Interest earning bank deposits
|
| | | | 64,081 | | | | | | 61,461 | | |
| | | | | | 157,230 | | | | | | 118,918 | | |
| | | | | | | ||||||||
|
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 | | |
| | | | | | | ||||||||
|
Prepaid Income tax and social contribution (IR/CS)
|
| | | | 6,747 | | | | | | 4,895 | | |
| | | | | | 6,747 | | | | | | 4,895 | | |
| | | | | | | ||||||||
|
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
|
| | | | | ||||||||
|
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, (*) |
| | | | | | | | |||||||||||||||||||||||
|
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:
|
| | | | | ||||||||
|
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
|
| | | | | | | | | ||||||||||||||||
|
Debentures
|
| |
CDI + 3.5
|
| |
February 2028
|
| | | | 13,409 | | | | | | — | | | | | | 330,201 | | | | | | — | | |
| | | | | | | | | | | | 13,409 | | | | | | — | | | | | | 330,201 | | | | | | — | | |
| | | |
Consolidated
|
| |
Combined
|
| ||||||
|
Year of maturity:
|
| | | | | ||||||||
|
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
|
| ||||||
| | | | | | | ||||||||
|
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
|
| ||||||
| | | | | | | ||||||||
|
Income tax
|
| | | | 5,722 | | | | | | 6,490 | | |
|
Social contribution
|
| | | | 1,647 | | | | | | 382 | | |
| | | | | | 7,369 | | | | | | 6,872 | | |
| | | |
Consolidated
|
| |
Combined
|
| ||||||||||||||||||
| | | | | | | ||||||||||||||||||||
| | | |
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 | | |
| | | | | | | ||||||||||||||||||||
| | | |
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
|
| ||||||||||||||||||
| | | | | | | ||||||||||||||||||||
| | | |
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
|
| ||||||
| | | | | | | ||||||||
| 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
|
| ||||||
| | | | | | | ||||||||
|
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
|
| ||||||
| | | | | | | ||||||||
|
Remuneration of key personnel
|
| | |
|
5,569
|
| | | |
|
4,679
|
| |
| | | |
Consolidated
|
| |
Combined
|
| ||||||
| | | | | | | ||||||||
| 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
|
| | | | | ||||||||
|
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
|
| | | |||||||
| 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
|
| | | |||||||
|
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
|
| ||||||
| | | | | | | ||||||||
|
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
|
| ||||||
| | | | | | | ||||||||
|
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
|
| ||||||
| | | | | | | ||||||||
| 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
|
| ||||||
| | | | | | | ||||||||
| 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
|
| ||||||
| | | | | | | ||||||||
|
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
|
| ||||||
| | | | | | | ||||||||
|
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
|
| | | | | ||||||||
|
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
|
| | | | | ||||||||
|
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
|
| | | | | ||||||||
|
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
|
| | | | | ||||||||
|
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
|
| ||||||
| | | | | | | ||||||||
|
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
|
| | 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 | |
| |
Item
|
| |
Event
|
| |
Date
|
| |
Description
|
|
| | | | | | | | | | | 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
|
| | 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
|
| | 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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| | | | | | | | | | | with its strategic growth plan, with capture of synergies and potential margin maximization and return. | |
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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. | |
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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. | |
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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.
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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.
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Fort Lauderdale, Florida
May 19, 2022 |
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| | | |
Successor
|
| | |
Predecessor
|
| ||||||
| | | | | | | | ||||||||
|
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
|
| ||||||||||||
| | | | | | | | |
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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | $ | 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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | $ | 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
|
| ||||||||||||
| | | | | | | | |
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 | | |
| | | | | ||||
|
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 | | |
| | | | | ||||
|
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
|
| ||||||||||||
| | | | | | | | | | ||||||||||||
| 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
|
| ||||||||||||
| | | | | | | | | | ||||||||||||
|
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
|
| ||||||||||||
| | | | | | | | | | ||||||||||||
|
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
|
| ||||||||||||
| | | | | | | | | | ||||||||||||
|
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
|
| ||||||||||||
| | | | | | | | | | ||||||||||||
|
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
|
| ||||||||||||
| | | | | | | | | | ||||||||||||
|
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) | | |
| | | | | | | ||||||||
|
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 |
| | | | | | |||||||||||
|
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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | $ | 1 | | | | | $ | 32,601 | | | | | $ | 31,486 | | | | | $ | (26) | | | | | $ | 64,062 | | | |
|
Distributions to members
|
| | | | — | | | | | | — | | | | | | (85) | | | | | | — | | | | | | (85) | | |
|
Net income
|
| | | | — | | | | | | — | | | | | | 13,482 | | | | | | — | | | | | | 13,482 | | |
|
Other comprehensive loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | (19) | | | | | | (19) | | |
| | | | $ | 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 |
| ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | $ | 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
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | $ | 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 |
| | | | | | |||||||||||
|
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 |
| | | | | | |||||||||||
|
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 |
| | | | | | |||||||||||
| 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 |
| | | | | | |||||||||||
|
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 | | |
| | | |
Page
|
| |||
|
ARTICLE I
|
| ||||||
|
DEFINITIONS
|
| ||||||
| | | | | A-3 | | | |
|
ARTICLE II
|
| ||||||
|
THE PRE-CLOSING EXCHANGE AND THE MERGERS
|
| ||||||
| | | | | A-18 | | | |
| | | | | A-18 | | | |
| | | | | A-18 | | | |
| | | | | A-19 | | | |
| | | | | A-19 | | | |
| | | | | A-19 | | | |
| | | | | A-19 | | | |
| | | | | A-20 | | | |
| | | | | A-20 | | | |
| | | | | A-20 | | | |
|
ARTICLE III
|
| ||||||
|
CLOSING TRANSACTIONS
|
| ||||||
| | | | | A-20 | | | |
| | | | | A-22 | | | |
| | | | | A-22 | | | |
| | | | | A-22 | | | |
| | | | | A-23 | | | |
| | | | | A-23 | | | |
| | | | | A-23 | | | |
| | | | | A-25 | | | |
| | | | | A-25 | | | |
| | | | | A-25 | | | |
|
ARTICLE IV
|
| ||||||
|
REPRESENTATIONS AND WARRANTIES OF THE COMPANY, COMPANY SHAREHOLDER, MERGER SUB AND NEW PUBCO
|
| ||||||
| | | | | A-27 | | | |
| | | | | A-27 | | | |
| | | | | A-28 | | | |
| | | | | A-28 | | | |
| | | | | A-29 | | | |
| | | | | A-30 | | | |
| | | | | A-30 | | | |
| | | |
Page
|
| |||
| | | | | A-31 | | | |
| | | | | A-32 | | | |
| | | | | A-32 | | | |
| | | | | A-32 | | | |
| | | | | A-32 | | | |
| | | | | A-34 | | | |
| | | | | A-36 | | | |
| | | | | A-37 | | | |
| | | | | A-39 | | | |
| | | | | A-40 | | | |
| | | | | A-40 | | | |
| | | | | A-42 | | | |
| | | | | A-43 | | | |
| | | | | A-44 | | | |
| | | | | A-45 | | | |
| | | | | A-45 | | | |
| | | | | A-45 | | | |
| | | | | A-46 | | | |
| | | | | A-47 | | | |
| | | | | A-47 | | | |
| | | | | A-47 | | | |
| | | | | A-47 | | | |
| | | | | A-48 | | | |
| | | | | A-48 | | | |
|
ARTICLE V
|
| ||||||
|
REPRESENTATIONS AND WARRANTIES OF SPAC
|
| ||||||
| | | | | A-49 | | | |
| | | | | A-49 | | | |
| | | | | A-50 | | | |
| | | | | A-50 | | | |
| | | | | A-51 | | | |
| | | | | A-51 | | | |
| | | | | A-52 | | | |
| | | | | A-52 | | | |
| | | | | A-53 | | | |
| | | | | A-53 | | | |
| | | | | A-53 | | | |
| | | | | A-53 | | | |
| | | | | A-54 | | | |
| | | | | A-55 | | | |
| | | | | A-56 | | | |
| | | |
Page
|
| |||
| | | | | A-56 | | | |
| | | | | A-56 | | | |
| | | | | A-56 | | | |
| | | | | A-56 | | | |
| | | | | A-56 | | | |
|
ARTICLE VI
|
| ||||||
|
CONDUCT PRIOR TO THE CLOSING DATE
|
| ||||||
| | | | | A-57 | | | |
| | | | | A-60 | | | |
| | | | | A-62 | | | |
|
ARTICLE VII
|
| ||||||
|
ADDITIONAL AGREEMENTS
|
| ||||||
| | | | | A-62 | | | |
| | | | | A-64 | | | |
| | | | | A-65 | | | |
| | | | | A-65 | | | |
| | | | | A-66 | | | |
| | | | | A-67 | | | |
| | | | | A-67 | | | |
| | | | | A-67 | | | |
| | | | | A-67 | | | |
| | | | | A-67 | | | |
| | | | | A-68 | | | |
| | | | | A-69 | | | |
| | | | | A-70 | | | |
| | | | | A-71 | | | |
| | | | | A-72 | | | |
| | | | | A-72 | | | |
| | | | | A-72 | | | |
| | | | | A-72 | | | |
| | | | | A-72 | | | |
| | | | | A-73 | | | |
| | | | | A-73 | | | |
| | | | | A-74 | | | |
| | | | | A-74 | | | |
| | | | | A-74 | | | |
| | | | | A-74 | | | |
| | | | | A-74 | | | |
| | | | | A-75 | | | |
| | | |
Page
|
| |||
|
ARTICLE VIII
|
| ||||||
|
CONDITIONS TO THE TRANSACTION
|
| ||||||
| | | | | A-75 | | | |
| | | | | A-76 | | | |
| | | | | A-76 | | | |
| | | | | A-77 | | | |
|
ARTICLE IX
|
| ||||||
|
TERMINATION
|
| ||||||
| | | | | A-77 | | | |
| | | | | A-78 | | | |
|
ARTICLE X
|
| ||||||
|
NO SURVIVAL
|
| ||||||
| | | | | A-78 | | | |
|
ARTICLE XI
|
| ||||||
|
GENERAL PROVISIONS
|
| ||||||
| | | | | A-78 | | | |
| | | | | A-80 | | | |
| | | | | A-80 | | | |
| | | | | A-80 | | | |
| | | | | A-81 | | | |
| | | | | A-81 | | | |
| | | | | A-81 | | | |
| | | | | A-81 | | | |
| | | | | A-82 | | | |
| | | | | A-82 | | | |
| | | | | A-82 | | | |
| | | | | A-82 | | | |
| | | | | A-82 | | | |
| | | | | A-83 | | | |
| | | | | A-83 | | | |
| | | | | A-83 | | | |
| | | | | A-84 | | | |
| | EXHIBITS | | |||
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | | | | | |
| | ANNEXES | | | | |
| | | | | | |
| |
SIGNED by
Duly authorised for
and on behalf of Ambipar Emergency Response |
| |
)
) ) ) |
| |
Director
|
| | | |
| |
SIGNED by
Duly authorised for
and on behalf of HPX Corp. |
| |
)
) ) ) |
| |
Director
|
| | ||
| |
SIGNED by
Duly authorised for
and on behalf of Ambipar Emergency Response |
| |
)
) ) ) |
| |
Director
|
| | | |
| |
SIGNED by
Duly authorised for
and on behalf of Ambipar Merger Sub. |
| |
)
) ) ) |
| |
Director
|
| | | |
| | For the financial year of the Closing (as defined in the Business Combination Agreement) | | |
25% of the Company’s net income for such financial year
|
|
| | For the first financial year following the Closing (as defined in the Business Combination Agreement) | | |
50% of the Company’s net income for such financial year
|
|
| | For the second financial year following the Closing (as defined in the Business Combination Agreement) | | |
50% of the Company’s net income for such financial year
|
|
| | Notice to Ambipar: | | |
Ambipar Participações e Empreendimentos S.A.
Avenida Pacaembu, nº 1088 Room 09, Pacaembu, 01234-000, São Paulo — SP Brazil
Attention:
Luciana Freire Barca Nascimento;
Alessandra Bessa Alves de Melo
Email:
|
|
| | Notice to Recipients: | | |
Emergência Participações S.A.
Avenida Angélica, nº 2346 5th floor, room 4, Consolação, 01228-200, São Paulo — SP Brazil
Attention:
Luciana Freire Barca Nascimento;
Alessandra Bessa Alves de Melo
Email:
|
|
|
Provision
|
| |
Terms
|
|
|
Type of Plan
|
| | Omnibus incentive plan, with ability of Company to grant various forms of awards, including without limitation non-qualified stock options (“Options”) and performance-based restricted stock units (“PSUs”). | |
|
Pool
|
| |
Total Pool: 2% of the number of New PubCo Class A Ordinary Shares outstanding on a fully diluted basis, as determined at the Closing
Allocation of Total Pool between Options and PSUs to be determined by the New PubCo’s Board of Directors, or if constituted, the Compensation Committee.
|
|
|
Grants
|
| | Initial grants for Company employees shall be a combination of Options (with an exercise price at fair market value on the date of grant) and PSUs, based on the allocation to be determined by the New PubCo’s Board of Directors, or if constituted, the Compensation Committee. | |
|
Vesting
|
| |
Options: Time-based vesting over three years, with 1/3 of the Option shares subject to the grant vesting on each anniversary of grant, in each case subject to continued employment on the applicable vesting date.
PSUs: Performance-based vesting based on a cumulative EBITDA target over the 3 year post-Closing period/2023 to 2025, to be determined by the New PubCo’s Board of Directors, or if constituted, the Compensation Committee. Vesting is subject to continued employment through the last day of the performance period, or as otherwise determined in the grant agreements.
|
|
|
Treatment on Termination of Employment
|
| | Forfeiture of unvested awards on termination of employment, or as otherwise determined in the grant agreements. | |
|
Treatment on Change in Control
|
| | No automatic acceleration of awards on a change in control. | |
|
Restrictive Covenants
|
| | Grantees must agree to customary restrictive covenants in connection with each grant. Breach of restrictive covenants shall result in forfeiture of all awards. | |
|
Governing Law
|
| | Cayman. | |
| |
SIGNED by Duly authorised for and on behalf of Ambipar Emergency Response |
| |
)
) ) ) |
| |
Name:
Title: Director |
| | | |
| |
SIGNED by Duly authorised for and on behalf of HPX Corp. |
| |
)
) ) ) |
| |
Name:
Title: Director |
| | ||
| |
SIGNED by
Duly authorised for and on behalf of Ambipar Emergency Response |
| |
)
) ) ) |
| |
Name:
Title: Director |
| | | |
| |
SIGNED by Duly authorised for and on behalf of Ambipar Merger Sub. |
| |
)
) ) ) |
| |
Name:
Title: Director |
| | | |
| | For the financial year of the Closing (as defined in the Business Combination Agreement) | | |
25% of the Company’s net income for such financial year
|
|
| | For the first financial year following the Closing (as defined in the Business Combination Agreement) | | |
50% of the Company’s net income for such financial year
|
|
| | For the second financial year following the Closing (as defined in the Business Combination Agreement) | | |
50% of the Company’s net income for such financial year
|
|
| | SUBSCRIBER: Opportunity Agro Fundo de Investimento em Participações Multiestratégia Investimento no Exterior | | | Signature of Joint Subscriber, if applicable: | |
| | Signature of Subscriber: | | | | |
| | on behalf of Opportunity Private Equity Gestora de Recursos Ltda. | | | | |
| |
|
| |
|
|
| | Name: Eduardo de Britto Pereira Azevedo | | | Name: Leonardo Guimarães Pinto | |
| | Title: Director | | | Director | |
| | Date: July 5, 2022 | | | | |
| | Name of Subscriber: Opportunity Agro Fundo de Investimento em Participações Multiestratégia Investimento no Exterior | | | Name of Joint Subscriber, if applicable: | |
| | (Please print. Please indicate name and capacity of person signing above) | | | (Please Print. Please indicate name and capacity of person signing above) | |
| |
Name in which securities are to be registered (if different from the name of Subscriber listed directly
above):
|
| | | |
| | | | | | |
| |
Address:
|
| | | |
| | If there are joint investors, please check one: | | | | |
| | ☐ Joint Tenants with Rights of Survivorship | | | | |
| | ☐ Tenants-in-Common | | | | |
| | ☐ Community Property | | | | |
| |
Subscriber’s EIN/Tax ID:
|
| |
Joint Subscriber’s EIN:
|
|
| | Business Address-Street: | | | Mailing Address-Street (if different): | |
| | City, State, | | | City, State, | |
| |
Zip:
|
| |
Zip:
|
|
| |
Attn:
|
| | Attn: | |
| |
Telephone No.:
|
| |
Telephone No.:
|
|
| |
Facsimile No.:
|
| |
Facsimile No.:
|
|
| | Number of Shares purchased and subscribed for: | | | 10,000,000 | |
| | Number of Additional Shares: | | | 1,810,000 | |
| | Aggregate Number of Shares subscribed (including Additional Shares) for: | | | 11,810,000 | |
| | Aggregate Subscription Price: | | | $100,000,000 | |
| | SUBSCRIBER: | | | Signature of Joint Subscriber, if applicable: | |
| | Signature of Subscriber: | | | | |
| | By: | | | By: | |
| | Name: | | | Name: | |
| | Title: | | | Title: | |
| | Date: | | | | |
| | Name of Subscriber: | | | Name of Joint Subscriber, if applicable: | |
| |
|
| |||
| | (Please print. Please indicate name and capacity of person signing above) | | | (Please Print. Please indicate name and capacity of person signing above) | |
| |
|
| |||
| |
Name in which securities are to be registered(if different from the name of Subscriber listed directly
above):
|
| | | |
| | Email Address: | | | | |
| | If there are joint investors, please check one: | | | | |
| | ☐ Joint Tenants with Rights of Survivorship | | | | |
| | ☐ Tenants-in-Common | | | | |
| | ☐ Community Property | | | | |
| | Subscriber’s EIN/Tax ID: | | | Joint Subscriber’s EIN: | |
| | Business Address-Street: | | | Mailing Address-Street (if different): | |
| | City, State, | | | City, State, | |
| |
Zip:
|
| | Zip: | |
| | Attn: | | | Attn: | |
| | Telephone No.: | | | Telephone No.: | |
| | Facsimile No.: | | | Facsimile No.: | |
| | Number of Shares purchased and subscribed for: | | | | |
| | Number of Additional Shares: | | | | |
| |
Aggregate Number of Shares subscribed (including Additional Shares) for:
|
| | | |
| | Aggregate Subscription Price: $ | | | | |
| |
Notice to Ambipar:
|
| |
Ambipar Participações e Empreendimentos S.A.
Avenida Pacaembu, nº 1088 Room 09, Pacaembu, 01234-000, São Paulo — SP Brazil
Attention:
Luciana Freire Barca Nascimento;
Alessandra Bessa Alves de Melo
|
|
| | | | |
Email:
|
|
| |
Notice to Recipients:
|
| |
Emergência Participações S.A.
Avenida Angélica, nº 2346 5th floor, room 4, Consolação, 01228-200, São Paulo — SP Brazil
Attention:
Luciana Freire Barca Nascimento;
Alessandra Bessa Alves de Melo
|
|
| | | | |
Email:
|
|
![[MISSING IMAGE: tm2223223d1-eq_formula1bwlr.jpg]](/DB/SEC/2023-000/1104/659-0106/36-010.jpg "Photo -- [MISSING IMAGE: tm2223223d1-eq_formula1bwlr.jpg]"){kind=small}
|
PIPE Investor
|
| |
Pro Rata Downside
Protection Shares |
| |||
|
Opportunity Agro Fundo de Investimento em Participações Multiestratégia Investimento
no Exterior |
| | | | 808,500 | | |
|
XP Gestão de Recursos Ltda.
|
| | | | 24,150 | | |
|
Cygnus Fund Icon
|
| | | | 14,490 | | |
|
Gannett Peek Limited
|
| | | | 4,830 | | |
|
Genome Fund Inc.
|
| | | | 9,660 | | |
|
Tuchola Investments Inc.
|
| | | | 4,830 | | |
![[MISSING IMAGE: tm2223223d2-eq_formula2bw.jpg]](/DB/SEC/2023-000/1104/659-0106/36-014.jpg "Photo -- [MISSING IMAGE: tm2223223d2-eq_formula2bw.jpg]")
![[MISSING IMAGE: tm2223223d2-eq_formula3bw.jpg]](/DB/SEC/2023-000/1104/659-0106/36-015.jpg "Photo -- [MISSING IMAGE: tm2223223d2-eq_formula3bw.jpg]")
![[MISSING IMAGE: tm2223223d2-eq_formula4bw.jpg]](/DB/SEC/2023-000/1104/659-0106/36-016.jpg "Photo -- [MISSING IMAGE: tm2223223d2-eq_formula4bw.jpg]"){kind=small}
![[MISSING IMAGE: tm2223223d2-eq_formula5bw.jpg]](/DB/SEC/2023-000/1104/659-0106/36-017.jpg "Photo -- [MISSING IMAGE: tm2223223d2-eq_formula5bw.jpg]"){kind=small}
|
PIPE Investor
|
| |
Pro Rata
Downside Protection Shares |
| |||
|
XP Allocation Asset Management Ltda.
|
| | | | 62,664 | | |
![[MISSING IMAGE: tm2223223d2-eq_formula1bw.jpg]](/DB/SEC/2023-000/1104/659-0106/36-013.jpg "Photo -- [MISSING IMAGE: tm2223223d2-eq_formula1bw.jpg]"){kind=small}
|
PIPE Investor
|
| |
Pro Rata Downside
Protection Shares |
| |||
|
Constellation Master Fundo de Investimento de Ações
|
| | | | 9,732 | | |
|
Constellation Qualificado Master Fundo de Investimento de Ações
|
| | | | 8,163 | | |
|
Const Brazil US Fund LP
|
| | | | 8,670 | | |
| |
By:
Position: |
| |
By:
Position: |
|
| |
By:
Position: |
| |
By:
Position: |
|
| |
Name:
ID: |
| |
Name:
ID: |
|
| |
By:
/s/ Candice Murton
|
| | | |
| |
By:
/s/ Lolita Bethel
|
| | | |
| |
Name: Deltec Fund Governors Ltd
Title: Governing Administrators |
| | | |
| | SUBSCRIBER: CYGNUS FUND ICON | | | Signature of Joint Subscriber, if applicable: | | | ||
| | Signature of Subscriber: | | | | | |||
| |
By:
/s/ Candice Murton
By:
/s/ Lolita Bethel
Name:
Deltec Fund Governors Ltd
Title:
Authorized Signatory
|
| |
By:
Name:
Title:
|
| | | |
| | Name of Subscriber: CYGNUS FUND ICON | | | Name of Joint Subscriber, if applicable: | | | ||
| |
|
| | |||||
| | (Please print. Please indicate name and capacity of person signing above) | | | (Please Print. Please indicate name and capacity of person signing above) | | | ||
| |
|
| | |||||
| |
Name in which securities are to be registered (if different from the name of Subscriber listed directly
above):
|
| | | | | ||
| | | | | | | |||
| |
Address:
|
| | | | | ||
| | If there are joint investors, please check one: | | | | | | ||
| | ☐ Joint Tenants with Rights of Survivorship | | | | | | ||
| | ☐ Tenants-in-Common | | | | | | ||
| | ☐ Community Property | | | | | | ||
| |
Subscriber’s EIN/Tax ID:
|
| |
Joint Subscriber’s EIN:
|
| | ||
| | Business Address-Street: | | | Mailing Address-Street (if different): | | | ||
| | City, State, | | | City, State, | | | ||
| |
Zip:
|
| |
Zip:
|
| | ||
| |
Attn:
|
| | Attn: | | | ||
| | Telephone | | | Telephone | | | ||
| |
No.:
|
| |
No.:
|
| | ||
| |
Facsimile No.:
|
| |
Facsimile No.:
|
| | ||
| |
|
| | |||||
| | Number of Shares purchased and subscribed for: | | | 300,000 | | | ||
| | Number of Additional Shares: | | | 13,200 | | | ||
| | Aggregate Number of Shares subscribed (including Additional Shares) for: | | | | ||||
| |
|
| | 313,200 | | | ||
| |
Aggregate Subscription Price:
|
| | $3,000,000 | | | ||
![[MISSING IMAGE: px_annexuproxypg01-bw.jpg]](/DB/SEC/2023-000/1104/659-0106/36-006.jpg "Photo -- [MISSING IMAGE: px_annexuproxypg01-bw.jpg]")
![[MISSING IMAGE: px_annexuproxypg02-bw.jpg]](/DB/SEC/2023-000/1104/659-0106/36-007.jpg "Photo -- [MISSING IMAGE: px_annexuproxypg02-bw.jpg]")
| This ‘DEFM14A’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| 8/6/31 | ||||
| 9/20/28 | ||||
| 2/15/28 | ||||
| 9/13/27 | ||||
| 12/31/26 | ||||
| 12/31/25 | ||||
| 9/20/25 | ||||
| 12/31/24 | ||||
| 2/15/24 | ||||
| 12/31/23 | ||||
| 12/15/23 | ||||
| 6/30/23 | ||||
| 3/31/23 | ||||
| 2/28/23 | ||||
| 2/27/23 | ||||
| 2/24/23 | ||||
| 2/21/23 | ||||
| Filed on: | 2/3/23 | 425 | ||
| 1/31/23 | ||||
| 1/17/23 | 8-K | |||
| 1/1/23 | ||||
| 12/31/22 | ||||
| 12/30/22 | ||||
| 12/22/22 | ||||
| 12/13/22 | ||||
| 12/12/22 | ||||
| 12/8/22 | ||||
| 12/2/22 | 10-Q | |||
| 12/1/22 | 10-Q | |||
| 11/30/22 | 8-K | |||
| 11/24/22 | ||||
| 11/20/22 | ||||
| 11/4/22 | 425, 8-K | |||
| 11/3/22 | 425, 8-K, DEF 14A | |||
| 10/27/22 | ||||
| 10/24/22 | 425, 8-A12B, 8-K, CERT | |||
| 9/30/22 | 10-Q, 425, NT 10-Q, PRE 14A | |||
| 9/27/22 | ||||
| 9/20/22 | ||||
| 9/16/22 | ||||
| 9/15/22 | 425 | |||
| 9/14/22 | ||||
| 9/13/22 | ||||
| 8/31/22 | ||||
| 8/26/22 | ||||
| 8/19/22 | ||||
| 8/2/22 | ||||
| 7/26/22 | ||||
| 7/20/22 | ||||
| 7/15/22 | ||||
| 7/14/22 | 425, 8-K, DEF 14A | |||
| 7/11/22 | ||||
| 7/7/22 | 425, 8-K | |||
| 7/6/22 | ||||
| 7/5/22 | 8-K | |||
| 7/4/22 | ||||
| 7/1/22 | DEF 14A, UPLOAD | |||
| 6/30/22 | 10-Q, DEF 14A | |||
| 6/29/22 | ||||
| 6/28/22 | 8-K | |||
| 6/27/22 | PRER14A | |||
| 6/25/22 | ||||
| 6/24/22 | CORRESP, PRER14A | |||
| 6/23/22 | ||||
| 6/21/22 | ||||
| 6/20/22 | ||||
| 6/19/22 | ||||
| 6/18/22 | ||||
| 6/17/22 | ||||
| 6/16/22 | ||||
| 6/15/22 | ||||
| 6/14/22 | ||||
| 6/13/22 | ||||
| 6/11/22 | ||||
| 6/10/22 | ||||
| 6/9/22 | ||||
| 6/8/22 | ||||
| 5/19/22 | 10-Q | |||
| 5/17/22 | ||||
| 5/16/22 | NT 10-Q | |||
| 5/14/22 | ||||
| 5/13/22 | ||||
| 5/11/22 | ||||
| 5/10/22 | ||||
| 5/9/22 | ||||
| 5/7/22 | ||||
| 5/6/22 | ||||
| 5/4/22 | ||||
| 5/3/22 | ||||
| 4/29/22 | ||||
| 4/28/22 | ||||
| 4/27/22 | ||||
| 4/26/22 | ||||
| 4/25/22 | ||||
| 4/22/22 | ||||
| 4/21/22 | ||||
| 4/20/22 | ||||
| 4/19/22 | ||||
| 4/18/22 | ||||
| 4/14/22 | 10-K | |||
| 4/13/22 | ||||
| 4/12/22 | ||||
| 4/8/22 | ||||
| 4/7/22 | ||||
| 4/6/22 | ||||
| 4/5/22 | ||||
| 4/4/22 | ||||
| 4/1/22 | ||||
| 3/31/22 | 10-Q, NT 10-K, NT 10-Q | |||
| 3/30/22 | ||||
| 3/29/22 | ||||
| 3/28/22 | ||||
| 3/27/22 | ||||
| 3/25/22 | ||||
| 3/24/22 | ||||
| 3/18/22 | ||||
| 3/17/22 | ||||
| 3/16/22 | ||||
| 3/11/22 | ||||
| 3/5/22 | ||||
| 3/4/22 | SC 13G/A | |||
| 3/2/22 | ||||
| 2/26/22 | ||||
| 2/25/22 | ||||
| 2/24/22 | ||||
| 2/23/22 | ||||
| 2/22/22 | ||||
| 2/21/22 | ||||
| 2/18/22 | ||||
| 2/16/22 | ||||
| 2/15/22 | ||||
| 2/14/22 | SC 13G, SC 13G/A | |||
| 2/13/22 | ||||
| 2/11/22 | ||||
| 2/9/22 | ||||
| 2/8/22 | ||||
| 2/4/22 | ||||
| 2/2/22 | ||||
| 1/28/22 | ||||
| 1/27/22 | ||||
| 1/26/22 | ||||
| 1/25/22 | ||||
| 1/19/22 | ||||
| 1/14/22 | ||||
| 1/13/22 | ||||
| 1/10/22 | ||||
| 1/8/22 | ||||
| 1/7/22 | ||||
| 1/6/22 | ||||
| 1/1/22 | ||||
| 12/31/21 | 10-K, NT 10-K | |||
| 12/21/21 | 10-K/A | |||
| 12/17/21 | ||||
| 12/14/21 | ||||
| 12/10/21 | ||||
| 12/9/21 | ||||
| 12/7/21 | ||||
| 11/29/21 | ||||
| 11/24/21 | ||||
| 11/3/21 | ||||
| 10/29/21 | ||||
| 10/26/21 | ||||
| 10/5/21 | ||||
| 9/30/21 | 10-Q, NT 10-Q | |||
| 9/17/21 | ||||
| 9/6/21 | ||||
| 9/3/21 | ||||
| 9/1/21 | ||||
| 8/23/21 | ||||
| 8/11/21 | ||||
| 7/30/21 | ||||
| 7/23/21 | 4 | |||
| 7/6/21 | 10-Q | |||
| 7/4/21 | ||||
| 6/30/21 | 10-K/A, 10-Q | |||
| 6/28/21 | 8-K | |||
| 6/25/21 | ||||
| 4/30/21 | ||||
| 4/15/21 | ||||
| 4/14/21 | ||||
| 3/31/21 | 10-Q, NT 10-Q | |||
| 3/17/21 | ||||
| 2/4/21 | ||||
| 2/2/21 | SC 13G | |||
| 1/1/21 | ||||
| 12/31/20 | 10-K, 10-K/A | |||
| 12/4/20 | ||||
| 12/3/20 | 8-K | |||
| 10/25/20 | ||||
| 9/29/20 | ||||
| 9/23/20 | ||||
| 9/18/20 | ||||
| 9/8/20 | ||||
| 9/4/20 | 8-K | |||
| 7/30/20 | ||||
| 7/20/20 | 8-K | |||
| 7/16/20 | EFFECT | |||
| 7/15/20 | 3, EFFECT, S-1MEF | |||
| 7/14/20 | ||||
| 7/13/20 | 8-A12B, CERT | |||
| 6/25/20 | ||||
| 5/4/20 | ||||
| 4/8/20 | ||||
| 3/20/20 | ||||
| 3/11/20 | ||||
| 2/21/20 | ||||
| 2/17/20 | ||||
| 1/29/20 | ||||
| 1/1/20 | ||||
| 12/31/19 | ||||
| 7/25/19 | ||||
| 7/1/19 | ||||
| 2/14/19 | ||||
| 1/1/19 | ||||
| 12/31/18 | ||||
| 8/14/18 | ||||
| 12/31/17 | ||||
| 10/25/17 | ||||
| 8/30/17 | ||||
| 4/1/17 | ||||
| 12/31/16 | ||||
| 8/2/16 | ||||
| 2/16/16 | ||||
| 12/31/15 | ||||
| 5/12/15 | ||||
| 2/12/14 | ||||
| 1/11/13 | ||||
| 4/16/12 | ||||
| 4/5/12 | ||||
| 3/2/12 | ||||
| 2/18/11 | ||||
| 12/15/10 | ||||
| 4/22/10 | ||||
| 1/6/08 | ||||
| 1/21/07 | ||||
| 1/10/02 | ||||
| 8/24/01 | ||||
| 3/3/98 | ||||
| List all Filings | ||||