4Q20 Earnings Release
Tegma Gestao Logistica S.A., one of the largest logistic providers in Brazil and one of the leaders in logistics for brand new vehicles in Brazil, hereby presents its Q4 2020 results.
. In 4Q20 the quantity of vehicles transported was 185.8 thousand, 19.0% decline in YoY comparison, but an 14.8% increase in comparison to the previous quarter. This evolution results in a 25.8% market share or a 2.8 p.p loss in YoY comparison. The quarter´s average distance was 1,124 km, 4.8% higher in annual comparison.
. In 4Q20 net revenue decreased 17.3% in the YoY comparison, due to the negative impact from the automotive market caused by the COVID-19 pandemic in vehicles transported, which although it recovered in comparison to 3Q20 (+8.2%), it is still below 4Q19.
. 4Q20 adjusted EBITDA was R$ 58.3 million (R$ 53.1 million of EBITDA), corresponding to a 18.6% margin, 0.1 p.p higher than the 4Q19 adjusted EBITDA, due to the good performance of the integrated logistics division despite the impacts suffered by the automotive market.
. 4Q20 net income was R$ 28.8 million, 33.8% lower in the YoY comparison, due to the COVID-19 pandemic impacts in the automotive logistics division and to non-recurring costs in integrated logistics related to the demobilization of a warehouse in the city of Barueri (SP).
. In 4Q20, free cash flow was R$ 32.7 million positive, considerably higher than the R$ 3.4 million in 4Q19 due to the tax credit offset.
. 4Q20 return on invested capital was 16.2%, a 1.2 p.p drop of vs 3Q20, mainly due to the effects of the COVID-19 pandemic on the last 12 months results.
In December 2020, the Company had a net cash of R$ 66.6 million vs a R$ 54.3 million cash to cash as of September, 2020.
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