4Q21 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 2021 results.


. The NUMBER OF VEHICLES TRANSPORTED in 4Q21 was 148,400, a 20.1% reduction compared to 4Q20, but 30.3% higher than 3Q21, due to the production resumption in the automotive sector. This volume resulted in a market share of 23.4%, 2.4 p.p. lower vs 4Q20. The average distance in 4Q21 was 1,107 km, 1.5% lower than 4Q20.
. NET REVENUES were 2.6% down in 4Q21 compared to 4Q20 due to automotive divi-sion’s low volumes stemming from production difficulties and to Integrated Logistics issues regarding postponement of ships.
. Consolidated gross margin was 19.4% in 4Q21, 1.4 p.p. lower vs 4Q20 due to the lower the volume transported in the Automotive Logistics Division and to the reduction in revenues from Integrated Logistics, resulting in lower fixed costs dilution.
. ADJUSTED EBITDA in 4Q21 was R$45.9 million, representing a 15.0% margin, 3.6 pp lower y/y, due to the lower volume of transported vehicles and reduced revenues from Integrated Logistics, incurring in lower fixed costs dilution.
. NET INCOME was R$29.3 million in 4Q21, 2,2% higher than in 4Q20, due to positive non-recurring events that amounted for R$4.4 million. Even disregarding those non-recurring, net margin would be 8.8%.
. FREE CASH FLOW in 4Q21 was a negative R$ 63.2 million due to receivables increase coming from a commercial discussion and to an increased working capital coming from the 40% rebound in revenues in Automotive Logistics vs 3Q21.
. The RETURN ON INVESTED CAPITAL in 4Q21 was 18.4%, 2.0 pp lower vs 3Q21, due mainly to the production difficulties faced by the auto-motive industry along the semiconductor crisis.
. The Company was R$ 18.2 million NET CASH in December 21 vs R$ 93.7 million in September 21 basically due to the consuming cash flow in the quarter.
. Management proposed the distribution of complementary DIVIDENDS AND INTEREST ON EQUITY of R$ 22.4 million for the year 2021, which, if approved at the AGM on April 13, will correspond to 71% of the adjusted net income for the year.

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