IMC International Meal Company - INTERNATIONAL MEAL COMPANY - IMC | Investor Relation
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IMC
International Meal Company
Institutional Presentation
INTERNATIONAL MEAL COMPANY June 2020
Disclaimer
The material that follows is a presentation of general background information about International Meal Company Alimentação S.A. (“IMC”
or the “Company”) as of the date of the presentation. It is information in summary form and does not purport to be complete nor are they
intended to be construed or interpreted as advice to potential investors. No representation or warranty, express or implied, is made
concerning, and no reliance should be placed on, the accuracy, fairness, or completeness of this information
This presentation may contain certain forward-looking statements and information relating to the Company that reflect the current views
of the Company and its management with respect to its business, markets trends and future events. Forward looking statements include,
without limitation, any statement that may predict, forecast, indicate or imply future results, performance or achievements, and may
contain words like “believe”, “anticipate”, “expect”, “envisages”, “will likely result”, or any other words or phrases of similar meaning,
which speak only as of the date the statement was made. Such statements by their nature address matters that are, to different degrees,
uncertain, such as statements about the potential impacts of the COVID-19 pandemic on our business operations, financial results and
financial position and on the world economy, and are subject to a number of risks, uncertainties and assumptions. We caution you that a
number of important factors could cause actual results to differ materially from the plans, objectives, expectations and intentions
expressed in this presentation. Unless if otherwise expressly indicated herein, such forward-looking statements shall not be construed as
guidance or projection under current legislation, but only as mere trends that, of course, involve uncertainties and risks. The Company is
under no obligation to update such written statements if conditions change or that unexpected occurrences happen to affect the
statement afterwards. Neither the Company nor any of its affiliates, directors, officers, agents or employees shall be liable before any
third party (including investors) for any investment or business decision made or action taken in reliance on the information and
statements contained in this presentation or for any consequential, special or similar damages.
This presentation does not constitute an offer, or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither
this presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever.
The market and competitive position data, including market forecasts, used throughout this presentation was obtained from internal
surveys, market research, publicly available information and industry publications. Although we have no reason to believe that any of this
information or these reports are inaccurate in any material respect, we have not independently verified the competitive position, market
share, market size, market growth or other data provided by third parties or by industry or other publications.
This presentation and its contents are proprietary information and may not be reproduced or otherwise disseminated in whole or in part
without the Company’s prior written consent. Please, for any investment decision, read the risk factor section in the Company’s
“Formulário de Referência”, available at CVM (Comissão de Valores Mobiliários) and our IR websites.
2
Section I
Company Overview
INTERNATIONAL MEAL COMPANY
IMC at-a-Glance
Leading Company in the food service business, with presence in Brazil, the USA, Colombia and
Panama
Geographic Footprint Main Brands
(as of May 25th, 2020) (as of May 25th, 2020)
500 (24 5) PoS(1) Brands Countries Stores(1) Highlight
Brazil 433 (178)
1 • Largest world’s pizza
234 (34)
restaurant chain(3)
USA 22
Colombia 25 2 • Largest world’s chicken
92 (37)
fast food chain
Panama 20
3 • Pioneer roadside
25
restaurant
• Jimmy Buffett’s
4 22 Caribbean-inspired
restaurant
Net Revenues Adjusted EBITDA(2)
(2019A) (2019A)
• Several brands in 4
42 (airports)(4) countries
12% 24% Roads 5 Airports
10% Air Business 13 (catering) • Catering in Colombia and
30% 39% 3% Malls Brazil
2% Pizza Hut + KFC
28%
60% • Several traditional and
Others(5) 72
premium brands
31%
Brazil US Caribbean Core Businesses
Notes: (1) (x) denotes own points of sale; (2) Considers Pizza Hut and KFC November and December, 2019 EBITDA; For more information, please refer to “Section IV – Financial Highlights” of this
presentation; Does not consider IFRS-16 effect (3) In terms of units; (4) Considers Viena, Batata Inglesa, Olive Garden, J&C Delicias, Carls Jr. and others inside airports; (5) Considers
Viena, Batata Inglesa, Olive Garden, J&C Delicias, Carls Jr. and others outside airports
4
Financial Highlights(1)
500 stores 1.9% SSS
as of May 25th, 2020 2019A vs. 2018A
R$1.6bn Net Revenues R$150mm Adj. EBITDA(2)
+4.9% 2019A vs. 2018A 9.4% EBITDA margin
62% Operational Cash R$270mm Net Debt
Flow Conversion(3)
in 2019A 1.8x Net Debt / 2019A Adj. EBITDA
Notes: (1) Does not consider IFRS-16 effect; (2) Before special items (expenditure on incorporating MultiQSR, closing stores, stock option and M&A); (3) Operational Cash Flow / Adjusted EBITDA
5
1 Pizza Hut Overview
The world's largest pizza chain in terms of locations, present in over 130 countries with almost
15,000 restaurants and kiosks
Geographic Footprint (May 25th, 2020) KFC and Pizza Hut Financial Highlights(1)
13.2%
R$ 36mm R$ 5mm EBITDA
Net Sales EBITDA
Margin(2)
(Nov. + Dec. 2019) (Nov. + Dec. 2019)
(Nov. + Dec. 2019)
Pizza Hut Overview
21 234 34
Pizza Hut
States Own Stores
Stores
Note: (1) Does not consider IFRS-16 effect; (2) Does not consider administrative expenses
6
2 KFC Overview
KFC is the world’s largest chicken fast food chain and the world’s second largest restaurant
chain
Geographic Footprint (May 25th, 2020) KFC and Pizza Hut Financial Highlights(1)
13.2%
R$ 36mm R$ 5mm EBITDA
Net Sales EBITDA
Margin(2)
(Nov. + Dec. 2019) (Nov. + Dec. 2019)
(Nov. + Dec. 2019)
KFC Overview
10 92 37
States KFC Stores Own Stores
Note: (1) Does not consider IFRS-16 effect; (2) Does not consider administrative expenses
7
3 Frango Assado Overview
Pioneer and well recognized roadside restaurant brand with a multiservice plaza: gas station,
restaurant, snack bar, bakery and mini-market
Geographic Footprint (May 25th, 2020) Financial Highlights(1)
Net Revenue (R$mm) EBITDA (R$mm) and Margin(2) (%)
CAGR: 4.9%
514 13.6% 14.0%
467 483 11.3%
64 54 72
2017 2018 2019 2017 2018 2019
Frango Assado Stores
Gas Station
Frango Assado + Gas Station
2 25 18(3)
Frango Frango Assado
States
Assado Stores + Gas Stations
Notes: (1) Does not consider IFRS-16 effect; (2) Does not consider administrative expenses; (3) IMC has 25 Frango Assado stores, which 18 are integrated with gas stations; In addition of 25
Frango Assado stores, IMC operates 1 gas station that is not integrated with the restaurant
8
4 Margaritaville Overview
Caribbean style restaurant founded by Jimmy Buffett
Geographic Footprint (May 25th, 2020) Operations Highlights
Brand Awareness
Margaritaville has a strong brand, with
75% of recognition in US, positive
association with Jimmy Buffet and highly
engaged “fins up” club with 24M fans
Landshark: Top-selling beer brand
Significant Elements
Unique tropical décor and laid-back
lifestyle
“Feet in the sand, drink in your hand” and
“it’s 5 o’clock somewhere”
Wide Demographic
Attractiveness increased by customers
highly engaged on digital platforms
Financial Highlights(2)
Net Revenue (R$mm) EBITDA (R$mm) and Margin(3) (%)
CAGR: 10.6%
15 3 4 5 368 439 450 10.3% 10.2%
9.6%
Margaritaville Landshark Other Venues to be
Venues Venues Venues Opened(1) 35 45 46
2017 2018 2019 2017 2018 2019
Notes: (1) 2 Land Shark venues to be opened in 2020 and 1 in 2021; 1 Margaritaville to be opened in 2020 and 1 in 2021; (2) Considers all US businesses as Margaritaville businesses; Does not
consider IFRS-16 effect; (3) Does not consider administrative expenses
9
5 Airport Businesses Overview
Presence in the main airports in Brazil, Panama, Colombia and the USA through airport retail
and flight catering concessions
Airport’s Geographic Footprint (May 25th, 2020) Airports and Caribbean’s Financial Highlights(1)
Net Revenue (R$mm) EBITDA (R$mm) and Margin(2) (%)
425 431 395
19.7% 18.7%
16.6%
70 85 74
2017 2018 2019 2017 2018 2019
US Airports (1):
Miami
Panama Airports (1):
Tocumén + Ongoing Expansion
Colombia Airports (8):
Barranquilla, Cartagena, Rionegro,
Medellín, Bucaramanga, Bogotá,
Pereira and Cali
Brazil Airports (6):
Guarulhos (SP), Confins (MG),
Congonhas (SP), Salgado Filho
(RS), Juscelino Kubitscheck (DF)
and Viracopos (SP)
4 42 13
Restaurants in RA Catering
Countries
Airports Venues
Notes: (1) Brazilian air businesses + Caribbean business numbers (Includes 12 J&C stores and 8 Carls Jr. stores); Does not consider IFRS-16 effect; (2) Does not consider administrative
expenses
10Section II
IMC Strategic Pillars
INTERNATIONAL MEAL COMPANYIMC Strategic Pillars
Strong Sector Fundamentals
The Brazilian external dinner market has plenty of room for growth 1
Solid Portfolio With Well Positioned Brands in the Market
Portfolio composed of leading brands in their respective segments 2
Clear Growth Avenues
Paved way for IMC’s core brands 3
Execution Capability
Monthly new stores opening record and mapping of all potential new restaurants 4
Strong Increase in Efficiency
Centralized and scalable production of a wide variety of products for IMC businesses 5
Focus on Growth Businesses
IMC has been divesting from non-profitable businesses and focusing on businesses with 6
attractive returns
Strong Cash Generation in USD
~61% of adjusted EBITDA in international operations (US + Panama) 7
Seasoned Management Team and Board of Directors
Experienced management team, supported by strong shareholders 8
121 Strong Sector Fundamentals
The Brazilian external dinner market has plenty of room for growth
Underpenetrated market Large and fragmented
Per capita consumption with external dinner Chicken consumption in the world
(US$) (mm tons)
1.738 1.629 3x higher per capita
1.603 16
1.391 consumption
potential 12 11 10
811
557 550 457 397 5 5 4
236 3
% of spending on meals at external dinners Highly fragmented and incipient markets in Brazil
50,0%
38,0% 40,0%
2013 2017 2017
+21k 230 chicken- +1k gas stations
pizzerias in focused in São Paulo
Brazil restaurants State highways
brands in Brazil
Potential of + 25% compared to the American market
Source: Euromonitor and Geofusion
13Solid Portfolio With Well Positioned Brands
2
in the Market
Brands that reach different population income levels
A/B A/B B/C B
Valuable brands in their respective
segments Top 3 valuable Top 7 valuable Top of mind
74% brand
awareness in
brands globally brand globally for travelers USA
Leading brands in their respective
segments (# of stores)
#1 #2 #2
CAPEX made Royalties
Franchise model with attractive returns by the % of sales
franchisees
Large addressable market served by a broad
portfolio of brands (diversified store models) Food Court Delivery/
(Shopping Malls) Carry-out Free Standing
143 Clear Growth Avenues
KFC and Pizza Hut
Clear growth avenues for IMC within its core brands
Potential of ~ 1,200 Pizza Hut
~500 ~700
and KFC brands KFC stores Pizza Hut stores
restaurants(1)
KFC Pizza Hut
Chicken is the main protein consumed in Latin Pizza market is bigger than the hamburger
America market in Brazil
More than 50% of the protein consumed in Brazil is chicken 2019 pizza market was R$16bn vs. R$14bn
hamburger market
Chicken fast food market still unexplored in Brazil
230 fast food restaurants with a menu focused on
chicken, 28% of which are KFC restaurants
Pizza Hut with 1% market share among
KFC with incipient presence in Brazil more than 21 thousand pizzerias in Brazil
Largest gap among KFC and McDonald’s stores between
LatAm countries
1.023
Three main pizzerias chains in Brazil with
KFC approximately 3.4% of the market
418 387
231 MCD Pizza hut is in second place, with 234 total
84 73 84 95 79 138
19 31 restaurants
Argentina Brazil Chile Colombia Mexico Peru
Sources: Euromonitor, Geofusion, McDonalds, KFC and IMC
Note: (1) For information on the Company’s projection for stores opening, please refer to Section 11 of the Company’s “Formulário de Referência”, available at CVM (Comissão de Valores
Mobiliários) and our IR websites
153 Clear Growth Avenues
Margaritaville and Frango Assado
Clear growth avenues for IMC within its core brands
Frango Assado Margaritaville
Solid same-stores sales
performance in a challenging Strong cash flow generation
macro environment >80% of EBITDA is converted in cash
Frango Assado reported positive quarterly
SSS since 1Q17(1)
Expansion supported by
Huge and fragmented existing property owner is generating
market high ROIC
Currently there are 1,100 road restaurants IMC contributes with 50% of the Capex and
only in São Paulo state charge 3-4% management fee over sales
Search for high ROIC brownfield
opportunities Expansion in iconic locations in
Main focus in the Brazilian Southeastern the U.S.
region 4 – 5 years of payback
Note: (1) Except for 2Q18 due truckers strike effect and 1Q20 due Covid-19
164 Execution Capability
KFC and Pizza Hut Expansion Case Study
New stores opening record in a month, with 20 Pizza Hut units and 15 KFC units opened in
December/2019
Strong Expertise in Opening New Stores
Pizza Hut
Pizza Hut + KFC 1 2
6
Shopping Palladium Curitiba Shopping Bourbon Wallig
(3 stores in Curitiba) (1st Store in Porto Alegre)
3 4
3 5
4
1
Lago Azul in Bandeirantes Shopping Patio Cianê
2 +41 new Pizza Hut Road (1st store in Sorocaba)
+27 new KFC restaurants in 2019 5 6
restaurants in 2019
225
184
57 84
Delco Vila Nova Conceição Juazeiro do Norte
2018 KFC 2019 KFC 2018 Pizza 2019 Pizza
Stores Stores Hut Stores Hut Stores
174 Execution Capability
Mapped Potential New Restaurants
IMC has mapped all potential new restaurants in Brazil
Mapped Potential New Restaurants Strategy
5.6k cities with population
above 30k
Different type of locations:
shopping malls, strip malls, gas
station, hypermarkets and street
stores
12k influence areas
Inputs:
Influence area existing stores
Data enrichment
Correlation analysis
Input city models
Local models application
185 Strong Increase in Efficiency
Central Kitchen Overview
Strong potential for margin expansion with the implementation of Central Kitchen for the
restaurant chains
More modern and improved kitchen
• Located in Louveira / SP, 60 km
from São Paulo
• 67% fewer employees
• 2.3x higher production capacity
Operational since December/2019
• New kitchen started in December
• Old Viena kitchen closed in
December
Gradual implementation in
restaurants with strong synergies
• Beginning in January 2020
• High cost savings due to synergies
195 Strong Increase in Efficiency
Central Kitchen Main Products
Centralized and scalable production of a wide variety of products for IMC businesses
Tomato Sauce Cheese bread
Coxinha Production Deep-frozen
Line Products
Deep-frozen Baked Semolina Bread
Semolina Bread
205 Strong Increase in Efficiency
Central Kitchen Opportunities
Gradual implementation of Central Kitchen in the restaurant chains, capturing important
synergies
First Wave Second Wave Third Wave
• Initial implementation in • Implementation of • Implementation of
Brazilian IMC operation: Central Kitchen in own Central Kitchen in
Viena, Frango Assado stores and franchise Frango Assado
and Airport Restaurants stores: Pizza Hut franchises products
Airport
Restaurants
• Pizza doughs production
• Initial Food retail with strong cost
production: “Biscoito de reduction for Pizza Hut
Polvilho” stores
• Food retail production:
Semolina bread
216 Focus on Growth Businesses
IMC has been simplifying its malls portfolio in recent years, selling unprofitable brands and
focusing on businesses with attractive returns
Malls Portfolio in 31-Dec-2016 Malls Portfolio in 25-May-2020
(1)
1%
Sales 1%
1% 1% 4%
2% 1% 8%
16% 1%
25%
77% 62%
86% in markets
with high growth
Note: (1) Does not include two restaurants in airports
226 Other Businesses Overview
IMC has a wide variety of brands that complement its portfolio in more specific segments such
as shopping malls and airports
Other Businesses Highlights Brands Overview
IMC has a diversified portfolio, operating restaurants inside and
outside shopping malls and airports
IMC’s other businesses are present in Brazil, Colombia and 31 Buffet style restaurant
Panama
(1)
6 Brand focused in Italian food
15 Restaurant focused on stuffed potatoes
12 Colombian Arepas Specialist
8 The best of hamburger on the grill
# Restaurants
Note: (1) Considering two restaurants in airports
237 Strong Cash Generation in USD
FX Impact (Theoretical Exercise)(1,2)
Adjusted EBITDA(3) 2019
Adjusted EBITDA(3)
Adjusted EBITDA(3) With +/- 5% annualizing(4) Pizza Hut + KFC
2019 with US$ at
2019 change in US$ Operations and US$ at R$5.40
R$5.40 change +/- 3%
+ R$ 29mm (+19.3%) 203
the EBITDA
179 60
150
60
45 61
46 61
82
59 59
2019 2019 2019
EBITDA Margin: 9.4% EBITDA Margin: 9.8% EBITDA Margin: 10.1%
30% 34% 33% 30%
39% 40%
31% 34% 30%
Brazil USA Caribbean
Notes: (1) Colombian Peso updated to: R$ 0,001435 = COP 1; (2) Does not consider IFRS-16 effect; (3) Adjusted EBITDA excluding special items (impairment due to closures and stock option
program) and pre-opening expenses; (4) Annualized by multiplying by six the two months (Nov + Dec / 19) of Pizza Hut and KFC operation
24Seasoned Management Team and Board of
8
Directors
Experienced management team supported by strong shareholders
Board of Directors Management Team
Flavio Benício Jansen Ferreira Newton Maia
CEO IMC
Chairman of the Board Salomão Alves
Sergio Head of
Cardona Caribe Airport Restaurants
Marcel Fleischmann Rodrigo Neiva Furtado David
Head of US
Independent Member Independent Member Crabtree
Jerônimo de Head of KFC and
Souza Olive Garden
Fabiano Head of Frango
Strelow Assado and Pizza Hut
Joseph B. Call José Agote
Member Member Andrea Head of RA Catering,
Piccinato Viena and Batata Inglesa
Shareholders Structure
Martins Others and
Family Treasury
21.3% 12.9% 7.6% 5.5% 5.2% 2.1% 45.4%
Charles Pimentel Martins Lincoln Pimentel Martins
Member Member
Educação
25Section III
Covid-19 Update
INTERNATIONAL MEAL COMPANYIMC SSS – Jan + Feb Performance
A first two months that had been showing good same-store sales performance(1)
SSS in Reais SSS Constant Currency
Jan-Feb March Jan-Feb March
Roads 8.9% (31.9%) Roads 8.9% (31.9%)
Air 0.7% (39.5%) Air 0.7% (39.5%)
Malls Pro Forma 8.8% (44.1%) Malls Pro Forma 8.8% (44.1%)
Pizza Hut 4.7% (37.1%) Pizza Hut 4.7% (37.1%)
KFC 13.8% (45.8%) KFC 13.8% (45.8%)
Brazil Pro Forma 7.3% (37.2%) Brazil Pro Forma 7.3% (37.2%)
USA 16.8% (45.9%) USA 4.3% (56.4%)
Caribbean 9.2% (34.1%) Caribbean (0.5%) (42.4%)
IMC Pro Forma 9.5% (39.6%) IMC Pro Forma 5.8% (43.7%)
Note: (1) Pro Forma: Management information that includes the Pizza Hut and KFC operations that were not present in 2019, Same Pizza Hut and KFC Stores = Own store revenue + 6% of
franchisees royalties revenue
27Update on Covid-19
Adopted measures related to Covid-19 impacts
Expenses Reduction and Cash Update on the Strategy to Resume
Business Operations / Delivery Preservation Businesses Operations
Delivery as an alternative source Team reduction Road (25 stores opened)
of revenue Active IMC employees Reduced hours will be adjusted
Delivery expanded +179% since the first (Dec-19 base) according to traffic recovery on
week of March (+324% in KFC and the roads
+100% in Pizza Hut), mitigating the sales 100,0% 96,0% 96,0%
decline in Brazil (the region sustained Airports (2 stores opened
sales in 30% of what was before covid) 61,0% and 5 caterings operating)
32,0% 33,0% Main airlines have shown
growth # of daily flights and
57% of all stores are capacity in June vs. May
opened and 80% of these
dez/19 jan/20 fev/20 mar/20 abr/20 mai/20
opened stores are Shopping Malls (227
\
operating through Simplification of\ IMC’s structure \
stores opened)
delivery 16 mall stores closed permanently 90% delivering
in Brazil
Launch of Frango 12 airports stores closed permanently USA (16 stores opened)
in Brazil 54% decrease in revenue in the
Assado in the city of
2 stores closed in the Caribbean week of May 17-23 (vs. same
São Paulo period last year), even with
reduced hours and capacity
Security and safety Renegotiation of rents
standards to maintain high Caribbean
Airports to resume flights in
productivity CAPEX suspension of projects
Panama and Colombia from
Home Office and protective in the initial phase June
equipment for employees
28Positives Perspectives for IMC’s Businesses
After Covid-19
Restaurants market and airport traffic has shown fast recovery in countries where economic
activity has been resuming from Covid-19 lockdowns
Food service companies in the US already show …As well as in airports, with increasing number of
sights of recovery from Covid-19 impact, with an weekly airline seat-capacity in China(1) (mm)
increase in the average daily revenue compared to
the same day in 2019…
60.0% 16
40.0% 14 238% more airline
seats in 17th June
20.0% 12 than in 26th February,
2020)
0.0% Growth of 10
20pp since
(20.0%) 22nd 8
March,
2020)
(40.0%) 6
(60.0%) 4
(80.0%) 2
(100.0%) 0
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20
Restaurants in States that have allowed dining rooms to China's economy has recovered at an accelerated rate, with
reopen are outperforming the rest of US by 22pp (May 26th, an increase in the number of flights
2020)
Source: OAG Aviation Worldwide and Womply data
Note: (1) (x) Considers seat capacity in and out China, including both domestic and international. Schedule based on 4th May, 2020
29Section IV
Financial Highlights
INTERNATIONAL MEAL COMPANYFinancial and Operational Highlights(1)
Net Revenue Adjusted EBITDA and EBITDA Margin
(R$ mm) (R$ Million and %)
2000
1541 1582 1603
1495 8.4% 9.0% 9.4%
191 7.0% 6.9%
195 191
179
(1.8%)
391 368 439 450
142 150
126
108
362 367
955 947 952 962 47 42
82 72 25
234 252
2016 2017 2018 2019 1Q19 1Q20 (7)
Brazil USA Caribbean 2016 2017 2018 2019 1Q19 1Q20
Same-Store-Sales (SSS) Number of Stores
(Growth in R$,%) (#) 501
498
40 39
30% 22 22
20%
10% 250 264
252 242 241 227 222
(5.7%) 231 213 210
48 46 46 43 43 212 195 194
0% 44
(8.0%) 42 43 43
20 19 20 20 22 22 44 44
-10% (9.0%) 22 22 22 22 22
(13.2%) 184 177 175 186 176
-20% 167 162 157 149 147 145 129 128
-30%
1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20
IMC Brazil Caribbean USA Brazil - Own Brazil - Franchises USA Caribbean
Note: (1) Does not consider IFRS-16 effect; For more information, please refer to the Company’s Financial Information available at CVM (Comissão de Valores Mobiliários) and our IR websites
31Financial and Operational Highlights(1)
Indebtedness and Leverage Breakdown by Type (1Q20)(2)
2.7x
(R$ mm)
1.8x
1.3x Foreign currency Libor
0.5x 20%
0.2x 27%
(0.3x)
603 601
416
334 270 325
160 206 22 66 184
(31)
2016 2017 2018 2019 1Q19 1Q20
CDI
Local currency
Gross Debt Net Debt Net Debt/ Adjusted EBITDA 73%
80%
Pro-Forma Debt Amortization Schedule (1Q20)(3)
(R$ mm)
277 286
125
107
67
16
Cash and Cash Equivalent Short-Term 9M2021 2022 2023 2024
Notes: (1) Does not consider IFRS-16 effect; (2) Does not consider debt raised to finance past acquisitions (R$49mm as of 1Q20); (3) Adjusted reflecting renegotiation of debentures terms
32Adjusted EBITDA and Margin(1)
(R$ mm)
7.0% 8.4% 9.0% 9.4% 6.9%
(1.8%)
+6%
+13%
150
+16% 142
126
45
108 49
46
48 46
46
36
35 25
58 11
44 47
25 2 6
12 (2)
(11)
(7)
2016 2017 2018 2019 1Q19 1Q20
Brazil USA Caribbean EBITDA Margin
Notes: (1) Does not consider IFRS-16 effect
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