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As of 4:30 PM 11/11/14 All times are local (Market data is delayed by at least 15 minutes).

cvc brasil operadora e agenc (CVCBF) Key Developments

CVC Announces Earnings Results for the Fourth Quarter and Year Ended December 31, 2014

CVC announced earnings results for the fourth quarter and year ended December 31, 2014. For the fourth quarter, the company’s net revenue of BRL 220 million in the fourth quarter of 2014, with growth of 20%, as compared to the same period 2013. The percentage of net revenues over consumed bookings was 15.4% in the fourth quarter in the year, with a decrease of 40 basis points compared to 2013. This slight reduction in the fourth quarter of 10 basis points is basically related to a higher percentage of international bookings, although the project mix has reached levels similar to 2013. As for the 40 basis points decrease in the whole of the year, this is also a result of a higher percentage of international bookings. The company EBITDA reached BRL 117 million in the fourth quarter, 26% above the fourth quarter 2013. The adjusted EBITDA, BRL 125 million, with growth of 26% compared to 2013. As a percentage of net income, EBITDA reached 56%-26.4%. The company showed strong growth in net income and adjusted net income in the fourth quarter and year of 2014. Since, the company has have better operational results and lower increase of operational expenses, net income reached BRL 59.6 million in the fourth quarter with growth of 49.4% compared to the previous year, and adjusted net income grew by 41.2% in the same period. Cash flow generated by operational activities grew from BRL 102.8 million in the fourth quarter 2013 to BRL 126.7 million in the fourth quarter 2014, a growth of 23.2%, especially due to the growth of net income and improved working capital reduced from 27 days to 24 days in the period. For the year, the company’s net revenue of BRL 714 million in the year of 2014, with growth of 11.4%, as compared to the same period 2013. EBITDA and adjusted EBITDA reached BRL 351 million and BRL 374 million in the year of 2014, with an increase of 21% and 13.7% compared to the same period 2013. As a percentage of net revenues, the adjusted EBITDA was 52.4%, 1% point above the previous year. As for margins, the company has an expansion both in EBITDA and adjusted EBITDA due to fixed cost leverage. The company showed strong growth in net income and adjusted net income in the fourth quarter and year of 2014. Adjusted net income and net income reached BRL 174.9 million and BRL 145.7 million, respectively. Growth of 30.5% and 15.6% compared to the same period of last year. In 2014, the cash flow generated by operations was almost BRL 250 million, 41% above that of the year of 2013. And this was basically used to reduce indebtedness, with payment of BRL 144 million of a debt with the founding shareholder and also with reduction in factorable receivables of almost BRL 51 million. Additionally, the company made payments of BRL 29 million in dividends, and the company also invested in IT infrastructure with BRL 26 million in CapEx for 2014. The company’s net debt with a drop of approximately BRL 200 million in its debt in 2014. The balance of the company’s debt on December 31, 2014, was BRL 52.9 million and BRL 199.5 million in the fourth quarter 2013. Net debt was BRL 124 million altogether in December 2014, BRL 321 million in December 2013 that is respective 0.3x and 0.98x the adjusted EBITDA. The strong reduction of indebtedness has to do with the payment of debt to the founding shareholders and lower receivables anticipation.

CVC Brasil Operadora e Agência de Viagens S.A. to Report Q4, 2014 Results on Feb 05, 2015

CVC Brasil Operadora e Agência de Viagens S.A. announced that they will report Q4, 2014 results on Feb 05, 2015

CVC Brasil Operadora e Agência de Viagens S.A., Q4 2014 Earnings Call, Feb 06, 2015

CVC Brasil Operadora e Agência de Viagens S.A., Q4 2014 Earnings Call, Feb 06, 2015

CVC Brasil Operadora e Agência de Viagens S.A. Plans to Launch of New Student Travel Business Unit; Announces New Executive Appointments

CVC Brasil Operadora e Agência de Viagens S.A. announced that CVC is bolstering its senior management team in order to support growth objectives and to deepen the experience of management team. Furthermore, the company will launch a new business unit focused on student foreign exchange programs, a fast-growing and profitable market segment in which can leverage CVC's strong brand awareness, travel know-how, broad store network and differentiated supplier relationships. The company announced new executive appointments. Claiton Armelin was hired as national products director, reporting to Mr. Valter Patriani (Sales, Product and Marketing Vice-President). He joined CVC on January 5, 2015. Mr. Armelin has previously worked for more than 25 years at CVC. In the last three years, Mr. Armelin held key positions at Flytour Group, most recently as CEO of Flytour Viagens. Emerson Belan was hired as national sales director, reporting to Mr. Valter Patriani (Sales, Product and Marketing Vice-President). He joined CVC on January 5th. Mr. Belan previously held key positions at FEMSA Group, including as regional director in the States of Minas Gerais and Mato Grosso do Sul. Ricardo Pinheiro was hired as the head of operations, reporting to Mr. Luiz Eduardo Falco (CEO). He assumed his new role on January 5th. Mr. Pinheiro has experience in the retail and consumer goods industries with companies such as FEMSA and BR Foods (Brasil Foods). Santuza Bicalho has been hired as the head of student travel, reporting to Mr. Luiz Eduardo Falco (CEO). Mrs. Bicalho will assume her new role on January 19, 2015. Mrs. Bicalho recently served as the senior vice-president of global sales of Embassy English. she was the CEO of Student Travel Bureau (STB).

CVC Brasil Operadora e Agencia de Viagens SA Reports Unaudited Operating Results for the Fourth Quarter and Full Year Ended December 2014

CVC Brasil Operadora e Agencia de Viagens SA reported unaudited operating results for the fourth quarter and full year ended December 2014. Despite the negative impact of the presidential election on October bookings (which increased 6.1% against October 2013), fourth quarter bookings grew 9.9%, as bookings in November and December (which increased 12.1% against the same period in 2013) grew at a significantly higher rate. Total bookings were BRL 1,294.9 million against BRL 1,178.7 million last year. For the year, total bookings were BRL 4,909.0 million against BRL 4,450.3 million last year.

 

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Price/Sales 2.4x
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Price/Cash Flow 9.7x
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