Via (VIIA3) has a profit of R$ 18 million in the 1st quarter, down 90%

Via (VIIA3) had an accounting profit of BRL 18 million, according to data sent to the CVM, which represented a 90% drop compared to BRL 180 million in the same period in 2022.

The company also reported a comparable profit of R$ 86 million, in which it registered a rise of 36.5%. In this case, the result came above that projected by the consensus of Refinitiv, which was a loss of R$ 63 million.

The retailer explains that “in 1Q22, there was R$ 29 million in subsidy incentives on a recurring basis. In 1Q21, there was an effect of the recurring subsidy incentive of R$33 million and R$117 million from previous periods, totaling R$150 million”.

Via’s earnings before interest, taxes, depreciation and amortization (Ebitda) totaled BRL 758 million, up 29.8% over the same period in 2021, with a margin of 10.2%, above 7.7% from a year earlier.

In relation to market projections, Via’s Ebitda was higher than expected, which was R$592 million.

Via’s net revenue totaled R$7.399 billion, 2% below the R$7.547 billion a year earlier, reaching a gross margin of 31.2%, a drop of 0.2 percentage point.

Gross profit totaled BRL 2.305 billion between January and March 2022, a decrease of 2.7% compared to the same period in 2021.

Selling, general and administrative expenses totaled BRL 1.609 billion in the first three months of the year, a reduction of 12.8% compared to the same period in 2021.

The net financial result was negative by R$428 million in the first quarter of 2022, an increase of 98.8% compared to the same period in 2021.

The worsening of the financial result was mainly due to the increase in the Selic rate, partially mitigated by the better spreads over the cost.

More about Via balance

In relation to total gross GMV, it reached R$ 10.673 billion, an increase of 3.3%, with Omnichannel GMV (1P) reaching R$ 9.509 billion, an increase of 2.3%.

Meanwhile, Via’s Omnichannel (3P) GMV totaled R$1.164 billion, an increase of 12%.

Debt and investments

In the quarter, Via’s investments totaled R$312 million, maintaining the allocation of approximately 60% of the total to projects related to technology and logistics to support the company’s growth and digitalization.

At the end of March 2022, adjusted net cash was R$546 million, a decrease of 84.9% compared to the same period in 2021.

The financial leverage indicator, measured by net debt/adjusted EBITDA, stood at 0.4 times in March/22, down 0.9 times over the same period in 2021.

Key Balance Sheet Numbers: Accounting to Operational Reconciliation

Results Via (VIIA3) first quarter 2022
Results Via (VIIA3) first quarter 2022

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