September 26, 2016 2:30 PM ET

Hotels, Restaurants and Leisure

Company Overview of CVC Brasil Operadora e Agência de Viagens S.A.

Company Overview

CVC Brasil Operadora e Agência de Viagens S.A., together with its subsidiaries, provides tourism products and services in Brazil and internationally. It provides tour packages, air tickets, ground transportation, hotel reservations, cruise line tickets, and other tourism services. The company offers its tourism services directly to customers through independent service providers. As of December 31, 2015, it operated 967 exclusive CVC travel agencies. The company was founded in 2009 and is headquartered in Santo André, Brazil.

Rua das Figueiras

501 – Jardim

Santo André, SP 09080-370

Brazil

Founded in 2009

2,127 Employees

Key Executives for CVC Brasil Operadora e Agência de Viagens S.A.

CVC Brasil Operadora e Agência de Viagens S.A. does not have any Key Executives recorded.

CVC Brasil Operadora e Agência de Viagens S.A. Key Developments

CVC Reports Group Earnings Results for the Second Quarter and Six Months of 2016

CVC reported group earnings results for the second quarter and six months of 2016. The group had a double-digit growth in the lines of adjusted EBITDA and adjusted net income for 2016 - the second quarter of 2016 when compared to the second quarter of 2015. The company had a growth in all financial metrics, both in the second quarter of 2016 as well as in the first half of this year, with the highlights for the growth of 9.5% in the adjusted net income in the second quarter of 2016. Despite declining bookings, the group presented a significant growth in the main financial metrics, with the highlight of a 4.8% growth in net revenue and 13.6% growth in adjusted EBITDA and 22.6% in adjusted net income in the second quarter of 2016 when compared to the second quarter of 2015 pro forma -- on a pro forma basis. Net revenue amounted to BRL 158 million in the second quarter, accounted for a growth of 6.2% when compared to the same period over the last year. The net revenue of CVC group totaled BRL 215 million with a growth of approximately 5% and percentage of net revenue of the group improved by 65 basis points in the second quarter. The growth of EBITDA -- adjusted EBITDA was 8.2% in the second quarter, driven by the improvement in net revenue margin. The adjusted EBITDA of the group totaled BRL 81 million in the second quarter and BRL 229 million in the first half of the year with a growth of 13.6% and 11.8% for the group CVC pro forma. The company had a growth in all financial metrics, both in the second quarter of 2016 as well as in the first half of this year, with the highlights for the growth of 7.5% in the adjusted EBITDA in the first half of 2016. The return on invested capital of group CVC was 38% in the last 12 months ended in June 2016, almost 2 points above the same period of last year. The company invested BRL 15 million in the first half of 2016 in CapEx, especially related to software and IT systems required to support the company’s growth strategy. The group invested BRL 34 million in CapEx during this first half of the year, and that includes the CapEx related to the new offices of RexturAdvance and Submarino Viagens. The net debt balance as of June 30, 2016, amounted to BRL 461 million, including accounts payable to sellers of Rextur and Submarino Viagens. Including factored receivables, the net debt was BRL 594 million, which amounts to 1.25% EBITDA, which are pretty healthy levels.

CVC Brasil Operadora e Agência de Viagens S.A., Q2 2016 Earnings Call, Jul 28, 2016

CVC Brasil Operadora e Agência de Viagens S.A., Q2 2016 Earnings Call, Jul 28, 2016

CVC Announces Earnings Results for the First Quarter of 2016

CVC announced earnings results for the first quarter of 2016. The company posted growth in net revenues of 2.3% and 2-digit growth in EBITDA of 10.8%, and also in adjusted net profits of 13.2% in this first quarter as compared to pro forma first quarter of 2015. Despite the drop in 1.5% in the confirmed reserves in first quarter of 2016, the percentage of net revenue increased 0.6 percentage points from 14.6% on first quarter 2015 to 15.2% in first quarter of 2016. The net revenue of CVC was BRL 280.4 million, with a growth of 2.3%. The company posted adjusted EBITDA growth of 7.1% on first quarter and 10.8% on the group CVC, pulled by the growth in revenue and the reduction of operating OpEx. Adjusted net profit of the company grew 5.4%, pulled by the operating expense. While the adjusted net income grew 13.2%, pulled by the improvement on the company ROE. The adjusted net income, as a percentage of the net revenues, improved by 0.8 percentage points at CVC and 2.1 percentage points in the pro forma of the group CVC.

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