card verification code (CVCB3) recorded a net loss of R$ 145.8 million in the fourth quarter, which reflected a profit of R$ 392.5 million from the fourth quarter of last year.
According to the company, in the last quarter of last year, the net result was positively affected by the amount of 321.3 million Brazilian reais, referring to the income tax and social contribution as a result of the negative result of 2020.
Adjusted EBITDA was R$35.4 million, compared to a negative R$109.9 million result in the fourth quarter of 2020. Adjusted Ebitda was R$8.9 million, compared to a negative result of R$112.6 million in last year.
Net revenue in Q421 grew 92.9% compared to Q4 of 2020, mainly due to higher average ticket domestic travel (high season), and increased demand for international travel, particularly in Argentina, with potential consumer interactions With possible changes expected in that country.
Gross profit amounted to R$314 million in Q421, an increase of 92.9% compared to the same quarter of 2020.
More CVC Balance Sheet Data (CVCB3)
Financial expenses in the fourth quarter of 21 decreased by 53.0% compared to the fourth quarter of 2020, affected by the change in the fair value of options and the positive impact of the exchange rate change for the year.
In the fourth quarter of 2020, the company had an account “Waiver feeAbout 40.2 million Brazilian riyals due to debt renegotiation.
General and administrative expenses grew 8.6% in Q421 compared to the same quarter of 2020 due to the salary adjustment resulting from the union agreement (10% bargaining), higher IT expenses and less savings from the reduction in working hours that occurred in the third quarter of 21, is partially compensated by reversal of a portion of the bonus provision.
The company ended the year with net debt of R$322.9 million, the lowest in the past two years. In August, the company completed the capitalization process with a net inflow of R$806.6 million in equity capital in 2021, with the goal of amortizing the bonds and boosting working capital.
As of December 31, 2021, total shareholders’ equity, including shareholders and non-controlling interests, was R$375.3 million compared to a balance of R$57.7 million on December 31, 2020.
This increase is mainly due to the capitalization implemented on August 31, 2021 with the issuance of approximately 23.8 million new ordinary shares.
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Charlotte Whitmore is a contributor at Mediarunsearch.co.uk, covering a broad range of topics including news, politics, business, technology, sport, entertainment, and lifestyle. She focuses on delivering clear, balanced reporting and practical information that helps readers stay informed about current events and emerging developments. Her work highlights stories that matter to everyday audiences, with an emphasis on accuracy, relevance, and accessible journalism that keeps readers connected to the issues shaping the UK and beyond.