On Friday (29th), CCR won the concession renewal auction for Rodovia Dutra, keeping its main road on the list of highways for another 30 years. The company, which since 1996 has been managing one of the most important roads in Brazil, surpassed its competitor Ecorodovias, offering a discount of 15.31% on the fare. The maximum allowed by the notice, in addition to a grant of R$ 1.77 billion. For the new concession, investments in works and renovations of around R$15 billion are planned over the next three decades, in addition to the assumption of operating costs of R$11 billion. Due to the already consolidated heavy vehicle traffic, Via Dutra is one of the most attractive infrastructure assets in the country. Toll revenues can be collected from the start of the new contract, which facilitates the operator’s financing structure. The road that connects the two largest municipal GDPs in Brazil, São Paulo and Rio de Janeiro, had revenues of R$ 1.35 billion in 2020, a drop of 10.9% compared to 2019, in the pre-pandemic period.
PAPER AND CELLULOSE
Irani registers record result
The increased demand for corrugated cardboard packaging throughout Brazil boosted the results of the manufacturer Irani in the third quarter of this year. The company recorded the best numbers in its history, with growth of 65.5% in revenue, 281.9% in profit and 152.2% in cash generation measured by Ebitda. Third quarter revenue was R$ 432.4 million, compared to R$ 261.3 million in the same period in 2020. Profit reached R$ 97.5 million compared to R$ 25.5 million in the previous year. The 78% increase in average prices helped the result.
RETAIL
Lehman leaves control of Americanas
The holding company Lojas Americanas and Americanas SA continue to advance in negotiations for the corporate restructuring, which will cause the company to have its capital pulverized and without defined control. The trio of partners led by businessman Jorge Paulo Lemann agreed to relinquish control of the company, which it has owned for 40 years. The simplification meets the demands of minority shareholders. On Wednesday (03), the company informed that the group controls 53.2% of Americanas SA, directly and indirectly. After the transaction, they will hold 29.2% and the remaining 70.8% will be free for trading (free float). To prevent a new shareholder from having a greater stake than them, the company will have a 15% poison pill, a mechanism that protects the company from hostile takeovers.
HIGHLIGHTS ON THE PREGÃO
Alpargatas must sell Osklen
On Monday (1st), Alpargatas received an offer from Grupo Dass – a sportswear manufacturer and owner of the Fila and Umbro brands in Brazil – to acquire 60% of Osklen. The total amount may reach BRL 400 million for 100%, with a fixed part of BRL 300 million, to be paid in three installments, and a variable part in the amount of up to BRL 100 million, subject to the targets set for the fiscal years 2022 and 2023, with payment up to four years after receipt of the proposal. Alpargatas has controlled Osklen since 2014, with 75 stores, 48 of which are owned and 27 franchises, and revenue of R$ 180 million in the nine-month period of 2021, reaching close to the level obtained in 2019, in the pre-pandemic period.
FINANCE
XP profit grows 82%
XP Inc’s adjusted net income rose 82% in the third quarter of this year compared to the same period in 2020, totaling R$1.039 billion. Net revenue rose 51%, from R$2.1 billion to R$3.1 billion. With these results, cash generation measured by adjusted Ebitda rose 61%, reaching R$ 1.17 billion. Despite the increase compared to the previous year, the company remained relatively stable compared to the previous quarter, when earnings reached R$ 1.034 billion. Assets under custody shrank 3% in the quarter but increased 40% in 12 months.
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