08/08/2023 – 20:36
Movida recorded a net loss of R$17.9 million in the second quarter of 2023. As a result, it reversed the net profit of R$187 million reported in the same period of 2022. The result was impacted by the increase in financial expenses also due to the increase in interest rates, according to the earnings release released this Tuesday, 8.
The company’s Ebitda was R$ 890 million, an annual drop of 1.7%. The Ebitda margin on net rental revenue was 72.1%, representing a decline of 18.2 percentage points. The Ebitda margin on total net revenue was 35.9%, down 4.7 percentage points.
Consolidated net revenue grew 11.1% over the same period of the previous year, reaching R$2.5 billion due to the net addition of fleet management and fleet outsourcing.
RAC net revenue reached R$675 million, up 15.5% on the same comparative basis, due to the 9.7% growth in the average monthly revenue per car.
GTF was R$ 558.1 million, an annual increase of 33.9%, reflecting the increase in the number of cars and growth in the average ticket, according to the earnings release.
In used cars, 18,806 thousand cars were sold, 1.8% higher than the sales volume of the same period in 2022. The average ticket was R$ 67 thousand, with an annual increase of 0.6% and a half-year increase of 8.4% , resulting from the sale of a mix of cars with a higher average ticket in early 2023. In this scenario, net revenue reached R$ 1.2 billion in the quarter, an annual growth of 1.4%.
Debt
Movida’s net debt ended the quarter at R$11.4 billion, growing by R$161 million due to the reduction in cash to R$2.6 billion after paying off cars purchased in previous quarters.
The current cash position covers gross debt until mid-2025 and the average term of net debt was 4.8 years in the second quarter of 2023, highlights the company. As a result, leverage, measured by the net debt/Ebitda ratio, remained at 2.9 times.
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