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    POSI3   BRPOSIACNOR9

POSITIVO TECNOLOGIA S.A.

(POSI3)
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Positivo Tecnologia S A : Dados Econômico-Financeiros

08/17/2021 | 06:44pm EDT

(Convenience Translation into English from the Original Previously Issued in Portuguese)

Positivo Tecnologia S.A.

Report on Review of Interim Financial Information for the six-month period ended June 30, 2021

KPMG Auditores Independentes The Five East Batel

Rua Nunes Machado, nº 68 - Batel

Caixa Postal 13533 - CEP: 80250-000 - Curitiba/PR - Brasil Telefone +55 (41) 3304-2500

kpmg.com.br

Independent Auditor's report on review of Interim Financial Information

To the Board of Directors and Shareholders of

Positivo Tecnologia S.A.

Curitiba, PR

Introduction

We have reviewed the accompanying individual and consolidated interim financial information of Positivo Tecnologia S.A. ("the Company"), included in the Quarterly Information Form - ITR, for the quarter ended June 30, 2021, which comprises the statement of financial position at June 30, 2021 and the respective statements of income and other comprehensive income for the three and six-month period than ended, and changes in equity and cash flows for the six-month period than ended, including explanatory notes.

The Company's management is responsible for the preparation of the individual interim financial information in accordance with the Technical Pronouncement CPC 21(R1) - Demonstração Intermediária and the preparation of the consolidated interim financial information in accordance with the Technical Pronouncement CPC 21(R1) and the International Accounting Standard IAS 34 - Interim Financial Reporting, issued by the International Accounting Standards Board (IASB), as well as for the presentation of this information in accordance with the standards issued by the Comissão de Valores Mobiliários - CVM, applicable to the preparation of the Quarterly Information Form (ITR). Our responsibility is to express a conclusion on this interim financial information based on our review.

Scope of review

We conducted our review in accordance with Brazilian and International standards on review engagements of interim financial information (NBC TR 2410 - Revisão de Informações Intermediárias Executada pelo Auditor da Entidade and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with the auditing standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion on individual interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the accompanying individual interim financial information included in the Quarterly Information Form - ITR referred above has not been prepared, in all material respects, in accordance

KPMG Auditores Independentes, uma sociedade simples brasileira e firma- membro da rede KPMG de firmas-membro independentes e afiliadas à KPMG International Cooperative ("KPMG International"), uma entidade suíça.

KPMG Auditores Independentes, a Brazilian entity and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.

1

with CPC 21(R1), applicable to the preparation of the Quarterly Information Form - ITR, and presented in accordance with the standards issued by the Comissão de Valores Mobiliários - CVM.

Conclusion on consolidated interim financial information

Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim financial information included in the Quarterly Information Form - ITR referred above has not been prepared, in all material respects, in accordance with CPC 21(R1) and IAS 34, issued by IASB, applicable to the preparation of the Quarterly Information Form - ITR, and presented in accordance with the standards issued by the Comissão de Valores Mobiliários - CVM.

Other matters - Statements of Value Added

The interim financial information above mentioned includes the Statements of Value Added, individual and consolidated, for the six-month period ended June 30, 2021, prepared under the responsibility of the Company's management, and presented as supplementary information for the purposes of IAS 34. These statements were submitted to review procedures together with the review of Quarterly Information, with the objective of concluding whether they are reconciled with the interim financial information and accounting records, as applicable, and whether their format and content are in accordance with criteria determined in the Technical Pronouncement CPC 09 - Demonstração do Valor Adicionado. Based on our review, nothing has come to our attention that causes us to believe that it has not been prepared, in all material respects, in accordance with the criteria defined in this Pronouncement and consistent with the individual and consolidated interim financial information as a whole.

Curitiba, August 10, 2021

KPMG Auditores Independentes

CRC SP-014428/O-6F-PR

Original report in Portuguese signed by

Edson Rodrigues da Costa

Contador CRC PR-054199/O-0

KPMG Auditores Independentes, uma sociedade simples brasileira e firma- membro da rede KPMG de firmas-membro independentes e afiliadas à KPMG International Cooperative ("KPMG International"), uma entidade suíça.

KPMG Auditores Independentes, a Brazilian entity and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity.

2

POSITIVO TECNOLOGIA S.A. AND SUBSIDIARIES

STATEMENTS OF FINANCIAL POSITION AT JUNE 30, 2021 AND DECEMBER 31, 2020 (Amounts expressed in thousands of reais)

Parent com pany

Consolidated

Parent com pany

Consolidated

June 30,

Decem ber 31,

June 30,

Decem ber 31,

June 30,

Decem ber 31,

June 30,

Decem ber 31,

ASSET S

Note

2021

2020

2021

2020

LIABILIT IES AND SHAREHOLDERS' EQUIT Y

Note

2021

2020

2021

2020

CURRENT ASSETS

CURRENT LIABILITIES

Cash and cash equiv alents

5

453,625

500,7 34

496,452

544,162

Suppliers

16

588,934

484,963

7 25,616

562,210

Deriv ativ e financial instruments

32

-

4,47 4

-

4,47 4

Loans and financing

17

391,687

437 ,298

419,465

461,37 3

Accounts receiv able

6

546,696

540,810

657 ,686

698,044

Deriv ativ e financial instruments

32

47 ,414

8,7 27

47 ,414

8,7 27

Inv entories

7

838,296

558,483

1,048,461

645,7 50

Salaries and social charges pay able

27 ,483

30,7 56

30,955

33,263

Accounts receiv ables from related parties

10

99,829

66,633

19,057

20,410

Lease liabilities

14.a

7 ,404

8,452

8,601

9,292

Recov erable taxes

8

147 ,424

17 8,156

162,025

183,356

Prov isions

18

157 ,003

124,143

17 4,827

141,362

Income tax and social contribution

36,7 51

35,435

38,126

37 ,680

Prov ision for tax, labor and civ il risks

22

6,224

5,412

6,224

5,412

Sundry adv ances

34,553

37 ,343

48,943

48,7 53

Taxes pay able

20,454

23,656

25,97 3

32,037

Other receiv ables

9

40,280

27 ,225

41,347

28,608

Div idends pay able

23.f

36,505

48,609

36,505

48,609

2,197 ,454

1,949,293

2,512,097

2,211,237

Deferred rev enue

8 and 19

6,142

7 ,492

6,142

7 ,492

Accounts pay ables from related parties

10

11,323

7 ,47 7

87 9

1,213

Other accounts pay able

20

18,305

45,569

28,7 87

59,942

1,318,87 8

1,232,554

1,511,388

1,37 0,932

NON-CURRENT ASSETS

NON-CURRENT LIABILITIES

Long-term receiv ables

Loans and financing

17

387 ,326

27 9,061

398,510

301,561

Accounts receiv able

8

27 5,495

27 5,380

27 5,547

27 5,415

Lease liabilities

14.a

27 ,7 15

28,921

31,117

31,839

Recov erable taxes

-

-

903

599

Prov isions

18

17 ,538

19,306

17 ,538

19,306

Deferred taxes

9

64,060

60,984

64,481

61,57 1

Prov ision for tax, labor and civ il risks

22

35,895

34,497

35,895

34,497

Other receiv ables

339,555

336,364

340,931

337 ,585

Related parties

10

5,627

-

3,7 92

4,393

Net capital deficiency in subsidiaries and joint v entures

11 .e and 13 .a

457

1,27 3

457

457

Other accounts pay able

20

392

687

20,180

28,512

47 4,950

363,7 45

507 ,489

420,565

T OT AL LIABILIT IES

1,7 93,828

1,596,299

2,018,87 7

1,7 91,497

SHAREHOLDERS' EQUITY

Share capital

23.a

7 21,67 0

7 21,67 0

7 21,67 0

7 21,67 0

Inv estments in subsidiaries

11

231,57 2

200,629

-

-

Capital reserv e

23.b

119,629

119,411

119,629

119,411

Inv estment in joint v enture

13

-

-

34,054

38,538

Profit reserv e

23.c

210,041

211,233

210,041

211,233

Inv estment in associates and others

12

19,349

18,001

57 ,834

53,154

Equity v aluation adjustment

23.d

(44,116)

(17 ,07 5)

(44,116)

(17 ,07 5)

Property , plant and equipment

14

7 2,97 1

7 3,590

91,159

86,298

Treasury shares

23.e

(15,218)

(13,325)

(15,218)

(13,325)

Intangible assets

15

31,035

40,336

89,300

97 ,823

Income for the period

106,102

-

106,102

-

354,927

332,556

27 2,347

27 5,813

Shareholders' equity attributable to controlling shareholders

1,098,108

1,021,914

1,098,108

1,021,914

Non-controlling interest

-

-

8,390

11,224

694,482

668,920

613,27 8

613,398

T otal shareholders equiy

1,098,108

1,021,914

1,106,498

1,033,138

T OT AL ASSET S

2,891,936

2,618,213

3,125,37 5

2,824,635

T OT AL LIABILIT IES AND SHAREHOLDERS' EQUIT Y

2,891,936

2,618,213

3,125,37 5

2,824,635

See the accompanying notes to the interim financial information.

6

POSITIVO TECNOLOGIA S.A. AND SUBSIDIARIES

STATEMENTS OF INCOME

FOR THE SIX AND THREE-MONTH PERIODS ENDED JUNE 30, 2021 AND 2020 (Amounts expressed in thousands of reais)

Sem ester ended in

Quarter ended in

Parent com pany

Consolidated

Parent com pany

Consolidated

June 30,

June 30,

June 30,

June 30,

June 30,

June 30,

June 30,

June 30,

Note

2021

2020

2021

2020

2021

2020

2021

2020

NET REVENUE

24

1,351,7 67

7 08,890

1,462,362

7 95,524

7 21,659

37 5,159

7 85,892

416,958

COST OF SALES AND SERVICES RENDERED

25

(1,039,853)

(587 ,215)

(1,101,896)

(661,512)

(543,296)

(316,643)

(582,187 )

(357 ,212)

GROSS INCOME

311,914

121,67 5

360,466

134,012

17 8,363

58,516

203,7 05

59,7 46

Sales expenses

25

(186,689)

(110,192)

(193,004)

(116,87 4)

(99,029)

(56,985)

(102,522)

(59,997 )

General and administrativ e expenses

25

(44,57 2)

(38,287 )

(51,67 4)

(43,409)

(23,528)

(17 ,444)

(27 ,290)

(20,387 )

Other operating income (expenses), net

8

19,566

4,304

27 ,982

9,089

21,57 8

9,610

29,435

14,7 32

Equity in income of subsidiaries and associated companies

11 to 13

35,942

(9,914)

(1,7 32)

3,07 1

23,158

57 4

(859)

4,7 52

(17 5,7 53)

(154,089)

(218,428)

(148,123)

(7 7 ,821)

(64,245)

(101,236)

(60,900)

INCOME (LOSS) BEFORE FINANCIAL INCOME AND EXPENSES

136,161

(32,414)

142,038

(14,111)

100,542

(5,7 29)

102,469

(1,154)

Financial rev enues

27

24,7 48

17 ,515

27 ,7 54

18,693

19,609

6,7 26

20,855

7 ,357

Financial expenses

27

(59,07 5)

(44,556)

(64,987 )

(47 ,7 91)

(30,846)

(20,7 09)

(34,093)

(21,818)

Net exchange-rate change

27

4,268

54,154

4,7 39

40,515

(38,085)

10,7 26

(36,259)

5,939

(30,059)

27 ,113

(32,494)

11,417

(49,322)

(3,257 )

(49,497 )

(8,522)

INCOME (LOSS) BEFORE INCOME T AX

106,102

(5,301)

109,544

(2,694)

51,220

(8,986)

52,97 2

(9,67 6)

Current income tax and social contribution

21

-

-

(2,548)

-

-

-

(1,57 0)

24

Deferred income tax and social contribution

21

-

(27 7 )

304

(1,533)

-

-

141

1,052

-

(27 7 )

(2,244)

(1,533)

-

-

(1,429)

1,07 6

NET INCOME (LOSS) FOR T HE PERIOD

106,102

(5,57 8)

107 ,300

(4,227 )

51,220

(8,986)

51,543

(8,600)

Attributable to controlling shareholders

N/A

N/A

106,102

(5,57 8)

N/A

N/A

51,220

(8,986)

Attributable to non-controlling shareholders

N/A

N/A

1,198

1,351

N/A

N/A

323

386

NET INCOME (LOSS) PER SHARE - R$

Basic

29

N/A

N/A

0.8058

(0.0423)

N/A

N/A

0.3642

(0.0639)

Diluted

29

N/A

N/A

0.8031

(0.0421)

N/A

N/A

0.3622

(0.0638)

See the accompanying notes to the interim financial information.

7

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Positivo Tecnologia SA published this content on 17 August 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 August 2021 22:43:08 UTC.


© Publicnow 2021
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Sales 2021 3 343 M 591 M 591 M
Net income 2021 - - -
Net cash 2021 23,0 M 4,06 M 4,06 M
P/E ratio 2021 7,32x
Yield 2021 1,10%
Capitalization 1 398 M 247 M 247 M
EV / Sales 2021 0,41x
EV / Sales 2022 0,31x
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Mean consensus BUY
Number of Analysts 3
Last Close Price 9,96 BRL
Average target price 17,33 BRL
Spread / Average Target 74,0%
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Hélio Bruck Rotenberg Chief Executive Officer & Director
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