EARNINGS RELEASE 1Q2024
Plascar Participações Industriais S.A. (Bovespa: PLAS3), by way of its subsidiary Plascar Ltda., is a Brazilian industry which in 2023 celebrated 60 years of history in plastic transformation and development of parts and internal and external finishes for vehicles by supplying high quality products to most automakers operating in Brazil.
Plascar has four plants strategically positioned in the States of São Paulo and Minas Gerais that host a parking site of injectors having a closing force capacity of 70 to 3,200 tons, automatic and manual painting lines, chrome plating, metallization, welding, and SMC press machines, in addition to its own tooling for the construction and maintenance of molds.
Ownership Structure
11.25%
Other
Shareholders
7.12%
Postalis
21.64% | 59.99% |
Deise Duprat V. | Pádua |
Heller and | IV* |
Family |
*a Mapa Capital's indirect subsidiary
Stock Quote at
03/31/24
PLAS3 - R$ 9.50
Number of Shares
Common: 12,425 million
Market Price at
03/31/24
R$ 118.04 million
BOARD OF DIRECTORS
Antonio Farina
Daniel Alves Ferreira
João Luís Gagliardi Palermo
Paulo André Porto Bilyk
Paulo Zimath
SUPERVISORY BOARD
Charles Dimetrius Popoff
Maria Gustava Heller Brito
Luiz Carlos Zavata
INVESTOR RELATIONS
CONTACT
Rodrigo Cartagena do Amaral
Chief Financial and Investor
Relations Officer
contatori@plascargroup.com
Rua Wilhelm Winter, 300 - Distrito
Industrial - Jundiaí - SP
CEP 13213-000
HIGHLIGHTS 1Q24
Plascar Participações Industriais S.A.
R$ 313.0 million
13.7% vs. 1Q23
Gross Revenue
R$ 20.2 million
8.1% margin
EBITDA
Plascar's Performance vs. the Market
0.37% in production of vehicles¹ in Brazil vs. 1Q23
+13.7% in gross revenue vs. 1Q23
¹ Source: ANFAVEA
Performance in the Period
R$ thousand | 1Q2024 | 1Q2023 | Var % |
Gross Revenue | 313,039 | 275,218 | 13.74% |
Net Revenue | 249,208 | 224,267 | 11.12% |
Gross Profit | 44,206 | 24,661 | 79.25% |
Gross Margin % | 17.7% | 11.0% | 60.91% |
EBITDA | 20,152 | 6,273 | 221.25% |
EBITDA Margin % | 8.1% | 2.8% | 5.3 p.p |
Profit (loss) | (30,017) | (41,296) | 27.31% |
Management Analysis and Discussion
Plascar started 2024 with positive results compared to the first quarter of 2023. The automakers' increased ability to plan production levels from the rise in sales was crucial to reduce production inefficiencies and consequently increase the Company's operating margins. This is reflected in the 5.3 p. improvement in EBITDA margin.
This positive scenario led Net Revenue for 1Q24 to increase by 11.1% compared to the same period in 2023. Also, when comparing Plascar's performance with that of the market, the Company clearly continues to gain confidence as according to ANFAVEA vehicle production increased only 0.37%, which is lower than the Company's growth.
This scenario, coupled with Management's efforts to optimize resources, led the Company to close the quarter with a positive variation in EBITDA and record Loss compared to the first quarter of 2023.
Management continues to pursue new projects and believes that the projects that will be initiated along the year will positively contribute to the Company's results. In addition, with the expected 6% growth in vehicle production for 2024, as estimated by ANFAVEA, the upcoming quarters are expected to reflect such increase
Automotive
Market
The first quarter of 2024 followed the trend of growth that began in the second half of 2023, reaching, in March, the highest production volume of the last four months, according to ANFAVEA. This period totaled 538 thousand units produced, representing a 0.4% increase compared to the same period of the previous year. Furthermore, there is a noticeable recovery in the heavy-duty vehicles sector, as production in the first quarter was 19.7% higher than that recorded in the same period in 2023.
On the other hand, sales recorded a 9.1% increase in 1Q24 over the same period in 2023. This significant increase is very positive as it indicates a decrease in automakers' inventories and a promising outlook for production growth in the coming periods.
Plascar's Net Revenue vs. the Market
Performance
698 | 665 | |||||||||||||||||||
613 | 619 | |||||||||||||||||||
586 | 598 | 596 | 596 | |||||||||||||||||
536 | 574 | 538 | ||||||||||||||||||
496 | ||||||||||||||||||||
255.3 | 249.2 | |||||||||||||||||||
233.3 | 242.4 | |||||||||||||||||||
225.2 | 224.3 | 225.1 | ||||||||||||||||||
192.8 | 196.9 | |||||||||||||||||||
142.3
91.7
75.2
1T19 | 1T20 | 1T21 | 1T22 | 2T22 | 3T22 | 4T22 | 1T23 | 2T23 | 3T23 | 4T23 | 1T24 |
Receita Líquida (BRL MM) | Produção de Veículos - ANFAVEA ('000) |
Based on the positive results achieved in 1Q24, ANFAVEA believes in the materialization of its 6% increase forecast announced at the beginning of the year.
AUTOMOTIVE OUTLOOK | 1Q24 | 1Q23 | Var % | ||||||||
Vehicle Production | 538 | 536 | 0,37% | ||||||||
Vehicle Sales | 515 | 472 | 9,11% | ||||||||
Source: ANFAVEA - BRAZIL |
Net Revenue
Net Revenue in 1Q24 was 11.1% higher than in 1Q23. This result was mainly due to the new projects that went into production throughout 2023 and in 1Q24. Management's expectation is that the upcoming periods will continue to show revenue growth, following the trend of continuous growth since the beginning of the Company's restructuring process.
Net Revenue (R$ thousand)
917,129
848,190
612,684
407,550
369,188
2019 | 2020 | 2021 | 2022 | 2023 |
249,208 |
11.1% |
224,267 |
Gross Revenue increase 13.74% compared to the same quarter of the previous year. This rise is attributable to the recovery of the heavy-duty vehicles sector as well as the increase in sales and, consequently, reduction of light vehicle inventories, which was a constraint throughout 2023.
The recovery of the heavy-duty vehicles segment in 1Q24 led to its share of Plascar's revenue reaching 26.71%, the highest value since 4Q22. Compared to the previous quarter, the increase was 1.98 percentage points. This recovery was felt across the sector as a whole after the decline caused by the implementation of Euro 6, where, according to ANFAVEA, production was 19.7% higher than the same period in 2023. Meanwhile, light vehicles remained in line with the previous quarter and the first quarter of 2023.
Gross Revenue
6.13% | 4.42% | 5.49% | 5.81% | 4.47% | 3.64% | 3.46% | 3.60% | 2.27% |
25.15% | 21.82% | 20.37% | 24.73% | 26.71% | ||||
26.58% | 32.91% | 65.65% | |
37.31% | |||
67.29% | 70.38% | 74.54% | 76.17% | 71.67% | 71.02% |
62.67% |
58.86% | 56.88% |
1T22 | 2T22 | 3T22 | 4T22 | 1T23 | 2T23 | 3T23 | 4T23 | 1T24 |
Gross Profit in 1Q24 improved 79.3% over 1Q23 whereas EBITDA improved 221.3% over the same period. This result is attributable to the increased efficiency achieved from several productivity improvement actions and, also, from automakers' increased production planning ability.
Gross Profit/(Loss) | EBITDA (R$ thousand) | ||||||
(R$ thousand) | |||||||
79.3% | |||||||
44,206 | 221.3% | 20,152 | |||||
24,661
6,273
1T23 | 1T24 | 1T23 | 1T24 | |||
This 1Q24 scenario also impacted Loss, which closed at R$ 30,017 thousand against the R$ 41,296 thousand recorded in 1Q23.
Loss (R$ thousand)
1T23 | 1T24 |
-30,017 | |
-41,296 |
Net Debt
Net Debt in 1Q24 increased R$ 13.3 million over the prior quarter. The objective of this increase was to ensure the Company's liquidity.
Net Debt (R$ thousand)
444,182
191,860 | 200,903 |
187,596 | |
118,075 104,556 126,506
4T2018 | 4T2019 | 4T2020 | 4T2021 | 4T2022 | 4T2023 | 1T2024 |
Nevertheless, the Company's indebtedness level remained consistent with that of previous quarters.
Net Debt/EBITDA
7.3x
3.4x
1.8x | 1.69x | 1.75x |
4T18 | 4T19 | 4T20 | 4T21 | 4T22 | 4T23 | 1T24 |
-4.7x
-5.2x
Statements of profit and loss for the years ended March 31, 2024 and 2023 (In thousands of reais - R$)
Parent | Consolidated | |||||
03/31/2024 | 31/03/2023 | 03/31/2024 | 31/03/2023 | |||
Net operating revenue | - | - | 249,208 | 224,267 | ||
Cost of sales | - | - | (205,002) | (199,606) | ||
Gross profit | ||||||
- | - | 44,206 | 24,661 | |||
Operating income/(expenses) | ||||||
Selling expenses | - | - | (15,852) | (12,675) | ||
General and administrative expenses | (671) | (427) | (24,180) | (20,106) | ||
Share of profit (loss) of investee | (29,440) | (40,921) | - | - | ||
Other operating expenses, net | - | - | 341 | 527 | ||
Profit | (30,111) | (41,348) | (39,691) | (32,254) | ||
Profit (loss) before finance income (costs) | (30,111) | (41,348) | 4,515 | (7,593) | ||
Finance income (costs) | ||||||
Finance costs | (8) | (51) | (35,427) | (36,504) | ||
Finance income | 102 | 103 | 1,418 | 3,241 | ||
94 | 52 | (34,009) | (33,263) | |||
Loss before income tax and social contribution | (30,017) | (41,296) | (29,494) | (40,856) | ||
Deferred income tax and social contribution | - | - | (523) | (440) | ||
- | - | (523) | (440) | |||
Loss for the year | ||||||
(30,017) | (41,296) | (30,017) | (41,296) | |||
Loss attributable to: | ||||||
Owners of the Company | - | - | (30,017) | (41,296) | ||
- | - | (30,017) | (41,296) |
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Disclaimer
PLASCAR Participações Industriais SA published this content on 21 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 May 2024 20:25:32 UTC.