Interim Financial Information
Plascar Participações Industriais S.A.
As of September 30, 2023
Plascar Participações Industriais S.A. | |
Individual and consolidated interim financial information | |
September 30, 2023 | |
Summary | |
Management Report | 1 |
Independent auditor's report on individual and consolidated financial statements | 3 |
Reviewed individual and consolidated interim financial information | |
Balance sheets | 5 |
Statements of income | 7 |
Statements of comprehensive incomes | 8 |
Statements of changes in shareholder's equity | 9 |
Statements of cash flow | 10 |
Statements of value added | 11 |
Notes about the individual and consolidated interim financial information | 12 |
Performance Overview
The non-financial information included in the report, as well as the derived percentages and information on EBITDA, were not reviewed by our independent auditors.
Amounts expressed in thousands of Reais, unless otherwise stated.
Gross Income
In the 3nd quarter of 2023, the gross margin was 14,6% Against 16,9% in the same period of 2022.
The drop in margin is mainly due to the various stoppages of automakers in the period, as this scenario of constant uncertainty caused an increase in the Company's operational inefficiency due to the difficulty in planning production, as well as reduced sales volume, thus increasing the representativeness of fixed costs.
Automotive Market
According to data from ANFAVEA, vehicle production in the third quarter of 2023 had a drop of 6.9% over the same period in 2022, totaling 0.619 million units in the country.
SOURCE: ANFÁVEA - BRAZIL
VAR. | |||||||
3nd Qtr/22 | 3nd Qtr/23 | VAR. % | 9 months/22 | 9 months/23 | % | ||
VEHICLE PRODUCTION | 665 | 619 | -6.9% | 1,756 | 1,751 | -0.3% | |
VEHICLE SALES | 585 | 631 | 7.9% | 1,503 | 1,630 | 8.5% |
ANFAVEA revised projections for the Brazilian market this year, with sales growth of 6.0%, and 0.1% in vehicle production over 2022.
PROJECTIONS 2023 - ANFAVEA
PROJECTION | |||||
2021 | 2022 | % | 2023 | % | |
PRODUCTION | 2,248 | 2,370 | 5.4% | 2,374 | 0.1% |
LIGHT | 2,070 | 2,176 | 5.1% | 2,246 | 3.2% |
HEAVY | 178 | 194 | 9.0% | 128 | -34.2% |
Tax Renegotiation
Management concluded the renegotiation of all its liabilities with the PGFN, which comprises the debts accrued up to January 2023 through the Individual Tax Transaction program, as detailed in note 26 and all effects, deductions of fines and interest, as well as the use of Tax loss and CSLL negative basis were recognized in the 2nd Quarter of 2023.
After the accounting record of this Transaction, a positive impact on the Company's result of R$ 177,210 was observed, including fine discounts of R$ 75,894, interest discounts of R$ 40,612 and use of tax losses of R$ 60,704
1
Net Income
The combined result of all the factors mentioned on September 30, 2023, resulted in a cash generation (EBITDA) of R$ 16,950 (7.0%) in the 3nd quarter, as shown in the table below.
CONSOLIDATED PLASCAR BRAZIL
GROSS INCOME | EBITDA (Accumulated) | (Loss) | ||||
MONTH/YEAR | NET SALES R$ | Accumulated | ||||
for the | ||||||
R$ | SALES | R$ | SALES | |||
Period (R$) | ||||||
3nd Qtr/19 | 111,895 | 14,241 | 12.7% | 5,510 | 4.9% | (24,068) |
sep/19 | 290,137 | 11,469 | 4.% | (6,781) | -2.3% | (126,681) |
Dec/19 | 407,550 | 31,303 | 7.7% | 67,051 | 16.5% | (6,825) |
mar/20 | 91,744 | 5,699 | 6.2% | 2,631 | 2.9% | (26,684) |
jun/20 | 133,470 | (13,203) | -9.9% | (14,637) | -11,0% | (64,057) |
3nd Qtr/20 | 98,595 | 0,489 | 0.5% | (10,775) | -10.9% | (36,023) |
sep/20 | 232,065 | (12,714) | -5.5% | (25,412) | -11,0% | (100,08) |
Dec/20 | 369,188 | (4,692) | -1.3% | (22,277) | -6,0% | (117,013) |
mar/21 | 142,345 | 15,238 | 10.7% | 9,179 | 6.4% | (14,208) |
jun/21 | 287,831 | 23,227 | 8.1% | 13,779 | 4.8% | (36,513) |
3nd Qtr/21 | 160,960 | 5,855 | 3.6% | (1,248) | -0.8% | (60,671) |
sep/21 | 448,791 | 29,082 | 6.5% | 12,531 | 2.8% | (97,184) |
Dec/21 | 612,684 | 46,297 | 7.6% | 17,415 | 2.8% | (122,23) |
mar/22 | 192,762 | 25,717 | 13.3% | 11,748 | 6.1% | (20,111) |
jun/22 | 389,702 | 56,156 | 14.4% | 28,215 | 7.2% | (36,847) |
3nd Qtr/22 | 233,259 | 39,461 | 16.9% | 19,889 | 8.5% | (23,516) |
sep/22 | 622,961 | 95,617 | 15.3% | 48,104 | 7.7% | (60,363) |
Dec/22 | 848,190 | 119,988 | 14.1% | 56,482 | 6.7% | (97,121) |
mar/23 | 224,267 | 24,661 | 11.0% | 6,273 | 2.8% | (41,296) |
jun/23 | 449,390 | 44,263 | 9.8% | 79,089 | 17.6% | 81,960 |
3nd Qtr/23 | 242,399 | 35,337 | 14.6% | 16,950 | 7.0% | (30,833) |
sep/23 | 691,789 | 79,600 | 11.5% | 96,039 | 13.9% | 51,127 |
Human Resources
The Company continues to invest in the professional development of its employees, with approximately 42.9 hours of teaching and training per employee (in the last 12 months), focused on SENAI learning, internships, supplementary education, in addition to technical and operational development training.
On September 30, 2023, the Company had 2,497 employees (2,148 on September 30, 2022).
Relationship with External Auditors
In compliance with CVM Instruction No. 381, we inform that for the nine-month period ended September 30, 2023, the Company did not hire its auditors for a service unrelated to the external audit.
The policy of the Company and its subsidiary in contracting services not related to the external audit with the independent auditors is based on the principles that preserve the independence of the independent auditor, which are: auditors should not audit their own work; the auditor must not perform a management role in his client and the auditor must not advocate for his client.
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Edifício Trade Tower
Av. José de Souza Campos, 900 1º andar - Nova Campinas
13092-123 - Campinas - SP - Brasil
Tel: +55 19 3322-0500
Fax:+55 19 3322-0559 ey.com.br
A free translation from Portuguese into English of Independent Auditor's Review Report on Quarterly Information prepared in Brazilian currency in accordance with accounting practices adopted in Brazil
Independent auditor's review report on quarterly information
To the Board of Directors, Shareholders and Officers
Plascar Participações Industriais S.A.
Jundiaí - SP
Introduction
We reviewed the individual and consolidated interim financial information of Plascar Participações Industriais S.A. ("Company"), contained in the Quarterly Information Form - ITR for the quarter ended September 30, 2023, which comprise the balance sheet on September 30, 2023, and the related statements of income and comprehensive income for the three and nine-month periods ended on that date, changes in equity and cash flows for the nine-month period ended on that date, including the explanatory notes.
The board is responsible for preparing the individual and consolidated interim financial information in accordance with NBC TG 21 - Interim Statements and with the international standard IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB), as well as for the presentation of these information in accordance with the rules issued by the Brazilian Securities and Exchange Commission ("CVM"), applicable to the preparation of the Quarterly Information (ITR). Our responsibility is to express a conclusion on this interim financial information based on our review.
Review scope
We conducted our review in accordance with the Brazilian and international standards for reviewing interim financial information (NBC TR 2410 Revisão de Informações Intermediárias executed by the Auditor of the Entity and ISRE 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. The scope of a review is significantly less than that of an audit conducted in accordance with auditing standards and, consequently, did not allow us to obtain assurance that we became aware of all the significant matters that could be identified in an audit. Therefore, we do not express an audit opinion.
Conclusion on the individual and consolidated interim information
Based on our review, we are not aware of any fact that leads us to believe that the individual and consolidated interim financial information included in the aforementioned quarterly information was not prepared, in all material respects, in accordance with NBC TG 21 and IAS 34 applicable to the preparation of Quarterly Information (ITR) and presented in accordance with the rules issued by the Brazilian Securities Commission.
3
Uma empresa-membro da Ernst & Young Global Limited
Emphasis of matter
Uncertainty about the Company's ability to continue as a going concern
We draw attention to Note 1 of the individual and consolidated interim financial information, which indicates that the Company has an excess of current liabilities over current assets in the amount of R$ 258,815 thousand in the consolidated, in addition to presenting accumulated losses in the amount of R$ 1,289,207 thousand (individual and consolidated), negative shareholders' equity of R$ 357,440 thousand on September 30, 2023 and R$ 201,930 thousand in loans and financing, of which R$ 107,297 are recorded in current and R$ 94,633 thousand in non-current. As presented in Note 1, these events or conditions, together with other matters described in Note 1, indicate the existence of material uncertainty that may raise significant doubt as to the Company's ability to continue as a going concern. Our conclusion is unqualified with respect to this matter.
Other matters
Statements of value added
The quarterly information includes the individual and consolidated value-added statements (DVA) for the nine-month period ended September 30, 2023, prepared under the responsibility of the Company's Management and presented as supplementary information for IAS purposes 34. These statements were submitted to review procedures carried out together with the review of the quarterly information, with the objective of concluding whether they are reconciled with the interim financial information and accounting records, as applicable, and whether their form and content are in accordance with the criteria defined in NBC TG 09 Value Added Statement. Based on our review, we are not aware of anything that causes us to believe that these added value statements have not been prepared, in all material respects, in accordance with the criteria set out in this Standard and consistently with the individual interim financial information. and consolidated taken together.
Campinas, November 10, 2023.
ERNST & YOUNG
Auditores Independentes S.S. Ltda.
CRC SP027623/F
Cristiane Cléria S. Hilario
Partner-Accountant
CRC 1SP243766/O
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Plascar Participações Industriais S.A.
Balance Sheets
Period ended September 30, 2023 and Year ended December 31, 2022 (In thousands of reais)
Assets | ||||||||
Individual | Consolidated | |||||||
Current Assets | 09/30/2023 | 12/31/2022 | 09/30/2023 | 12/31/2022 | ||||
Cash and cash equivalents | 7,036 | 18,156 | 12,076 | 24,815 | ||||
Trade accounts receivable | - | - | 74,696 | 63,217 | ||||
Inventories | - | - | 99,679 | 120,288 | ||||
Taxes recoverable | 19 | 41 | 6,007 | 29,718 | ||||
Other assets | 0 | 17 | - | - | ||||
Total current assets | 7,055 | 18,214 | 192,458 | 238,038 | ||||
Noncurrent assets | 12/31/2022 | 12/31/2022 | ||||||
Taxes recoverable | - | - | 62,994 | 67,917 | ||||
Judicial deposits | - | - | 1,313 | 1,398 | ||||
Other assets | - | - | 87 | 110 | ||||
Investment property | - | - | 8,205 | 8,272 | ||||
Property, plant and equipment in operation | 7 | 7 | 322,922 | 330,485 | ||||
Right-of-use assets | 78,938 | 79,271 | ||||||
Total noncurrent assets | 7 | 7 | 474,459 | 487,453 | ||||
Total assets | 7,062 | 18,221 | 666,917 | 725,491 |
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Liabilities and equity | |||||
Individual | Consolidated | ||||
Current liabilities | 09/30/2023 | 12/31/2022 | 09/30/2023 | 12/31/2022 | |
Loans and financing | - | - | 107,297 | 91,711 | |
Lease liabilities | - | - | 30,712 | 25,168 | |
Trade accounts payable | - | - | 81,262 | 87,088 | |
Taxes payable | 65 | 185 | 20,641 | 4,347 | |
Taxes payable in installments | - | - | 47,743 | 97,551 | |
Payroll, vacation pay and social charges payable | - | - | 107,959 | 221,829 | |
Advances from customers | - | - | 27,730 | 33,736 | |
Other liabilities | - | - | 27,929 | 43,041 | |
Total current liabilities | 65 | 185 | 451,273 | 604,471 | |
Noncurrent liabilities | |||||
09/30/2023 | 12/31/2022 | 09/30/2023 | 12/31/2022 | ||
Loans and financing | - | - | 94,633 | 124,964 | |
Lease liabilities | - | - | 65,136 | 62,896 | |
Related parties | 24,410 | 34,209 | 7,388 | 7,329 | |
Taxes payable in installments | - | - | 164,431 | 96,866 | |
Deferred income and social contribution taxes | - | - | 21,977 | 20,502 | |
Contingencies | - | - | 7,736 | 7,129 | |
Provision for capital deficiency | 340,027 | 392,394 | - | - | |
Other accounts payable | - | 211,783 | 209,901 | ||
Total noncurrent liabilities | 364,437 | 426,603 | 573,084 | 529,587 | |
Equity | |||||
Capital | 931,455 | 931,455 | 931,455 | 931,455 | |
Equity adjustments | 312 | 316 | 312 | 316 | |
Accumulated losses | (1,289,207) | (1,340,338) | (1,289,207) | (1,340,338) | |
(357,440) | (408,567) | (357,440) | (408,567) | ||
Total equity | |||||
(357,440) | (408,567) | (357,440) | (408,567) | ||
Total liabilities and equity | |||||
7,062 | 18,221 | 666,917 | 725,491 |
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Plascar Participações Industriais S.A.
Income Statements for the period ended of September 30, 2023 and 2022 (In thousands of reais)
Individual | Consolidated | ||||
01/01/2023 to | 01/01/2022 to | 01/01/2023 to | 01/01/2022 to | ||
09/30/2023 | 09/30/2022 | 09/30/2023 | 09/30/2022 | ||
Net operating revenue | - | - | 691,789 | 622,961 | |
Cost of goods sold | - | - | (612,189) | (527,344) | |
Gross profit / (loss) | - | - | 79,600 | 95,617 | |
Operating (expenses) and | |||||
income | |||||
Selling expenses | - | - | (39,575) | (26,008) | |
General and administrative expenses | (1,446 | (1,360) | (60,592) | (60,378) | |
Equity pick-up | 52,367 | (59,145) | - | ||
Other operating income/(expenses), | |||||
net | - | - | 72,961 | (159) | |
50,921 | (60,505) | (27,206) | (86,545) | ||
Operating income before | |||||
finance income (expenses) | 50,921 | (60,505) | 52,394 | 9,072 | |
Finance income (expenses) | |||||
Finance income | 308 | 176 | 7,958 | 10,468 | |
Finance costs | (102) | (34) | (68,455) | (79,124) | |
(60,497) | (68,656) | ||||
Loss before income and social | |||||
contribution taxes | 51,127 | (60,363) | (8,103) | (59,584) | |
Income and social contribution | |||||
taxes | - | - | 59,230 | (779) | |
Deferred | - | - | 59,230 | (779) | |
Net Income (loss) for the period | 51,127 | (60,363) | 51,127 | (60,363) |
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Plascar Participações Industriais S.A.
Statements of comprehensive income for the periods ended September 30, 2023 and 2022 (In thousands of reais)
Individual | Consolidated | |||
04/01/2023 to | 01/01/2022 to | 04/01/2023 to | 01/01/2022 to | |
09/30/2023 | 09/30/2022 | 09/30/2023 | 09/30/2022 | |
Net profit (loss) for the period | 51,127 | 51,127 | (60,363) | (60,363) |
Total comprehensive income | 51,127 | 51,127 | (60,363) | (60,363) |
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PLASCAR Participações Industriais SA published this content on 10 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 November 2023 13:48:55 UTC.