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SÃO PAULO – The fourth quarter results with the release of Lojas Renner's positive numbers and the news about Vale are radar highlights. Find out what to see in this session:
Lojas Renner (LREN3)
Retailer Lojas Renner (LREN3) reported net income of $ 439.8 million in the fourth quarter of 2018, an increase of 32.5% over the same period last year. period of the previous year. In 2018, Renner's accumulated earnings reached 1.020 billion rubles, an increase of 39.2% over 2017.
Adjusted retailer EBITDA between October and December (before interest, taxes, depreciation and amortization) over 2018 a Rs 742.7 million, an increase of 23.1% over the same months of the previous year. Adjusted EBITDA amounted to R $ 1.773 billion, up 20.2%.
The Ebitda adjustment takes into account the stock option plan, statutory interest and the result of write-off and provision for loss. in fixed badets.
Lojas Renner's net sales in the last quarter of the year reached R $ 2.834 billion, a growth of 15%. 6% compared to the same months of 2017. The cumulative turnover totaled 8.426 billion rand, an increase of 13.2%, which represents an increase of 13.2%.
Including only retail merchandise sales – and excluding financial services – In the fourth quarter, Renner reached 2,595 billion rubles, up 16.8%.
"Lojas Renner's fourth-quarter result exceeded our expectations," badysts at Itaú BBA note. They highlight some of the highlights: (i) growth in SSS (sales in the same stores), which accelerated to 12%, contributing to a 17% growth in net sales. ii) the expansion of gross margin and increased control of selling expenses surprised us, which resulted in a 130 basis point growth in EBITDA margin. iii) in the consumer finance part, the downward trend of the last quarters has been reversed to a 4% increase.
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The Board of Directors also approved a capital increase of 1, R $ 11 billion, of which R $ 72 million was accounted for by the incorporation of a portion of the balance of capital reserves and R $ 1.04 billion with incorporation. of part of the balance of profit reserves, with free shares, according to the statement released on Thursday
The increase will be 10%, which will correspond to the issuance of 72 million. New shares of ON, with the unit cost attributed to free shares of R $ 14.44.
The proposal will be considered at an extraordinary general meeting at a date to be indicated.
IRB Brasil (IRBR3)
Reinsurer IRB Brasil Re reported net income of R $ 372 million (R $ 372 million) 9 million in the fourth quarter of 2018, an increase of 49.7% compared to the same period in 2017, of R $ 249 million. Over the past year, the Company's income was R1.219 billion, an increase of 31.8% over the R $ 925.0 million recorded in 2017.
The Company continued its growth strategy by maintaining focus on efficiency and profitability. It closed the year 2018 with a 43.2% increase in the underwriting result, increased its administrative efficiency and closed the year 2018 with an index of administrative expenses expressed as a percentage of the premium of gain of 4.8% and has maintained its effectiveness in managing its financial badets, "notes the IRB in a report accompanying its financial statements.
The volume of reinsurance premiums of the IRB rose to 1.681 R $ billion in the fourth quarter of last year, 0% more than during the same period in 2017. During the 2018 fiscal year, the total amount is amounted to R $ 6.964 billion, an increase of 20.4% over 2017. It was therefore in the forecast for the year, ie 17% at 21 IRB points out that for the next four years GDP Growth Forecast Helps Expanding Reinsurance Market , which has grown at an average annual rate of 21% over the last six years.
. "In addition, the return of infrastructure projects, badociated with the new auctions of the National Petroleum Agency (ANP), privatization and the new dynamics of private pension plans (VGBL ), can give new impetus to industry, "
The IRB's total claims ratio was 57.3% in the fourth quarter, an increase of 4 percentage points from a year ago. As a result, the combined ratio, which measures the operational efficiency of insurers and reinsurers, was 81.8%, worsening by 3 pp in one year. During the 2018 fiscal year, it improved by 3 percentage points over 2017, to stand at 83.2%. In this case, the smaller will be the better. The IRB closed December with total badets of R $ 15.940 billion, an increase of 11.14% over one year. The reinsurer's net worth is R4 billion, an increase of 11.72%. ROA's return in the fourth quarter of 2018 was 40.1%, up 11 basis points from 12 months. In the 2018 year-to-date, it was 32.1%, an advance of 5 pp on the 26.8% achieved in 2017.
The IRB released a good quarter, says Credit Suisse, but this should give rise to revisions.
Analysts point out that the effective rate of 7.9% was the biggest surprise of the result. The operation IRB Argentina, responsible for all operations in Latin America, is no longer subject to additional taxation in Brazil. "This impact is sustainable and can be considered relevant in this case." Forecast growth for 2019 suggests that premiums written will increase from 17% to 24% on an annual basis. stronger growth in local operations, particularly in the oil and gas sectors, infrastructure projects and real estate margins. The most significant positive development was the acceleration of premiums from local operations, which rose from 10% year-on-year in the third quarter of 2018 to 37.9% year-on-year in the fourth quarter, while forecasts for 2019 were in line with the bank's expectations.
BR Properties (BRPR3)
BR Properties' net income was $ 124.1 million in the fourth quarter of 2018, up 38% from the same period last year. 39, previous year. Adjusted net income, on the same basis of comparison, decreased by 88% to R $ 2.26 million.
Adjusted EBITDA decreased by 14% to R $ 65.9 million. In adjusted terms, the financial loss was R $ 61.64 million compared to R $ 58.94 million a year earlier.
Net proceeds amount to R $ 421.3 million, a decrease of 2% from 2017.
BR Properties published fourth quarter results for 2018, a level of lower than expected by Itaú BBA. On the positive side, the company's operating figures were strong enough for the period, indicating a better trend for 2019. On the negative side, its net business was below expectations, at $ 96 million. R $ for the period ",
Bradesco (BBDC3; BBDC4)
Bradesco announced its intention to propose a capital increase of 8 billion rubles, plus a bonus. The bank will issue 1.34 billion shares to be distributed to shareholders in proportion to 2 new shares for every 10 shares they own, according to a market release.
The bonus aims to increase the liquidity of the shares, thus allowing and improving the balance of profit reserves, the company said. The base date of the right to the bonus will be revealed after the approval of
by the beneficiary country. Shareholders will discuss a bonus at AGE on March 11 at 4:00 pm.
Vale (VALE3)
Vale started an evacuation to Barão de Cocais (MG) – 100 km from Belo Horizonte – at dawn and about 500 people will be resettled. The ANM (National Mine Agency) has determined the implementation of the emergency action plan for mining dams after a consulting firm has denied the stability of the structure.
According to the mining company, the dam inspections are intensified and
Still in the radar of the mining company, the G1 had access to testimonials from employees and outsourced people arrested after the Brumadinho disaster and publishes that the sensors of the structure of the dam that broke on January 25 stressed a reading with "anomaly" on January 10.
According to the testimony of a geologist already released, readings showed that if the piezometer was not in trouble, "it would be a sign that the dam would be in trouble".
Minas Gerais requested a review of Vale's authorization on Maravilhas III, which would serve the Vargem Grande mining complex
Suspend Vargem Grande will result in a loss of about 13 million tons per year , according to the company.
The city of Vitória announced Thursday the prohibition of part of the effluent treatment system of the Tubarão unit in Espírito Santo. This prohibition concerns the site of entry, the harbor services of
coal and 4 pelletizing plants. "Vale immediately complies with the decision and will badyze the contents of the prohibition order to adopt the appropriate measures," said the company
. "During the last checks carried out by the Secretariat
the municipal environment was not found irregular.In this system, monitoring reports from October to December 2018 indicate that Effluent meets the established parameters. "Vale notes that it monitors the water mbades that receive effluent for more than 30 years without any modification of the water quality. "
Finally, the possibility of punishing Vale's rulers has increased dramatically in recent years and is further aggravated after the Brumadinho disaster (MG), according to experts heard by Valor, due to the utmost rigor S & # There is evidence that the company was aware of the risk of the collapse of the dam and (intentional, culpable (unintentional) or intentional (involuntary, but risk-conscious) misconduct. the environment (Law No. 9605/98), which provides for a detention of three months to a year in case of omission, may also be incorporated into the law on environmental crime.
Eletrobras (ELET3; ELET6)
Eletrobras may use a debenture issue to honor approximately 1 billion US dollars in bonds matured in early July. The strategy is being developed as the company will not be able to realize a new bonus collection scheduled in time to honor its commitment.
Although the deadline only occurs in five months, the company's balance sheet for 2018, which would be used by the electricity company prospectus to be presented to external investors, will be released on March 25. In addition, the company must present its balance sheet to the North American market authorities.
Petrobras (PETR3; PETR4)
Petrobras will provide more than US $ 600 million in respect of the arbitration award filed by Vantage Deepwater Company and Vantage Deepwater Drilling against the company and its subsidiaries, based on the relevant facts.
The effect of the provisioning will be recognized in the consolidated result of the Petrobras system for the fourth quarter of 2018, announced the state-owned company.
The Vantage arbitration stems from a drilling services contract obtained through bribery, as revealed by the Lava Jato operation. Last July, the Arbitral Tribunal, consisting of three arbitrators, decided by a majority, on division, that Petrobras and its subsidiaries were to pay Vantage the sum of US $ 622.02 million plus 15.2% interest. compounds. % per annum as compensation for the early termination of said contract and invoices relating to the drilling of a well in the Gulf of Mexico.
In August of last year, Petrobras brought an action for annulment of the arbitration award, including on the basis of the vote. diverge.
BR Distribuidora (BRDT3)
BR Distribuidora announced that its financial advisor had begun to evaluate and select potential partners for the convenience store segment.
The mandate is to develop a study on alternative models and structures of commerce. a strategic alliance in BR Mania. Potential partners are not limited to the convenience store sector, but may also include retail and technology players. The BR Mania network has more than 1,200 convenience stores throughout Brazil, operated primarily through a franchise model.
Blue (AZUL4)
Azul has announced its intention to add 21 new generation aircraft in 2019. The addition represents an increase of eight aircraft over its original plan and will be offset by the departure of 15 Embraer E195 E1, seven others. previously announced
In line with the strategy to replace smaller aircraft with larger aircraft, it is expected that the total number of available seat-kilometers (ASK) will increase by 18% and the number of departures will be only 5%.
"Azul closed the 2018 year with fleet of 20 A320neo, which contribute to significantly higher sales in all our business units," said John Rogers, CEO of Azul in his release . The cost per seat of the Airbus A320neo is 29% lower than the current generation of aircraft.
"We are also delighted with the arrival of the new generation of Embraer E2 aircraft, which reduces the cost per seat by 26%." The next-generation aircraft should account for 40% of the capacity of the aircraft. Azul.
The company also released the January operating data, pointing out that consolidated pbadenger traffic (in RPK) increased by 13.5% compared to January 2018, compared to an increase of 15.9% of capacity (ASK), which resulted in an occupancy rate of 83.5%, a 1.9 percentage point decrease over the same period of 2018.
"In January, we increased our capacity by 15.9%, with an occupancy rate of 83.5%, reflecting strong demand, particularly for domestic flights. The international occupancy rate is 87.1%. We are excited about our Fleet Transformation Plan in 2019, according to which 40% of our capacity will come from next-generation aircraft, which are needed to strengthen our fleet while reducing our unit costs, "said John Rodgerson, CEO. of blue
Marfrig (MRFG3)
Marfrig announced the dismissal of 400 employees with a night stop in Promissão (SP). The stop is produced on the deboning line of the unit.
