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6-K 1 tm2315946d1_6k.htm FORM 6-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 6-K

 

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of May, 2023

 

Commission File Number: 001-41638

 

 

 

AMBIPAR EMERGENCY RESPONSE

(Exact name of registrant as specified in its charter)

 

 

  

Avenida Angélica, nº 2346, 5th Floor

São Paulo, São Paulo, Brazil, 01228-200

Tel: +55 (11) 3429-5000

(Address of principal executive office)

  

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

 

Form 20-F  x             Form 40-F  ¨

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): Yes ¨ No x

 

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): Yes ¨ No x Ambipar Emergency Response informs the market that on May 16, 2023, its parent company, Ambipar Participações e Empreendimentos S.A. (“Ambipar Parent”), announced its results for the first quarter of 2023.

 

 

 

 


 

Ambipar Parent released results for the first quarter of 2023 ended March 31, 2023.

 

 

Excerpts of this announcement relating to Emergência Participações S.A. (“Emergencia”), a fully owned subsidiary of Ambipar Emergency Response (the “Company”) are furnished as Exhibit 99.1 to this Report on Form 6-K. Financial information relating to Emergencia contained therein has not been audited or reviewed in accordance with the standards of the Public Company Accounting Oversight Board (PCAOB) or any other auditing standards. While such financial information has been prepared in good faith and based on information available at the time of preparation, no assurance can be made that actual results will not change as a result of the Company’s management review of results and other factors. The Company’s results for the first quarter ended March 31, 2023 are subject to finalization and closing of the Company’s accounting books and records (which have yet to be performed) and should not be viewed as a substitute for financial statements prepared in accordance with IFRS. Accordingly, you should not place undue reliance upon the financial information contained in Exhibit 99.1. While we do not expect that such financial information will differ materially from the Company’s actual results for the first quarter ended March 31, 2023, we cannot assure you that such financial information will be indicative of the Company’s actual financial results for the first quarter ended March 31, 2023 or for any future periods.

 

 


 

EXHIBIT INDEX

 

Exhibit No.     Description of Exhibit  
99.1   Press Release of Ambipar Emergency Response dated May 17, 2023.

 

 


 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: May 17, 2023

 

  AMBIPAR EMERGENCY RESPONSE
     
     
  By: /s/Thiago da Costa Silva
  Name: Thiago da Costa Silva
  Title: Director

 

 

 
EX-99.1 2 tm2315946d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

EARNINGS RELEASE 1Q23

 

RESPONSE SEGMENT

 

 

INCOME STATEMENT
R$ million		     1Q23     1Q22     Var.       4Q22     Var.  
GROSS REVENUE     627.1       350.4       79.0%     667.8       -6.1%
DEDUCTIONS     -30.9       -28.4       8.8%     -35.5       -13.0%
NET REVENUE     596.3       321.9       85.2%     632.3       -5.7%
COSTS OF SERVICES PROVIDED     -452.1       -229.0       97.4%     -454.2       -0.5%
GROSS PROFIT     144.1       92.9       55.1%     178.1       -19.1%
GROSS MARGIN     24.2%     28.9%     -4.7 p.p.       28.2%     -4.0 p.p.  
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES     -5.1       -7.6       -32.9%     -5.1       0.0%

 

GROSS REVENUE

 

COMPOSITION
OF GROSS REVENUE
R$ million		   1Q21     2Q21     3Q21     4Q21     1Q22     2Q22     3Q22     4Q22     1Q23  
RESPONSE                                                                        
GROSS REVENUE     161.6       215.2       262.4       281.5       350.4       363.3       431.8       667.8       627.1  
Brazil     59.5       70.1       82.2       77.1       112.5       122.8       159.4       202.5       208.7  
International     102.0       145.1       180.2       204.4       237.9       240.6       272.4       465.3       418.4  
Latam (ex Brazil)     35.8       36.9       47.7       50.1       57.9       58.7       44.1       50.3       55.8  
Europe     23.3       42.4       50.1       48.1       47.8       50.5       51.8       64.7       56.1  
North America     42.9       65.8       82.4       106.2       132.2       131.3       176.5       350.3       306.5  

 

· Gross revenue reached R$627 million in 1Q23, 79.0% higher than 1Q22 and 6.1% lower than 4Q22. Our operations had revenue variations as expected. Witt O’Brien’s contributed R$111 million to the result. Therefore, the gross income of Response ex-WOB would have been practically flat QoQ.

 

Below we describe the revenue behavior of the different lines of business by geographic region.

 

BRAZIL

 

COMPOSITION OF GROSS REVENUE
R$ million		   1Q23     1Q22     Chg.
1Q23 x1Q22		     4Q22     Chg.
1Q23 X4Q22		  
RESPONSE                                        
GROSS REVENUES     627.1       350.4       79.0%     667.8       -6.1%
Brazil     208.7       112.5       85.5%     202.5       3.1%
Subscriptions Brazil     38.2       33.7       13.4%     37.0       3.2%
Services Brazil     170.5       78.8       116.4%     165.5       3.0%

 

 


 

Attended Services       1Q22   2Q22   3Q22   4Q22   1Q23   Chg.
1Q23 x1Q22		  
Brazil   Gross Revenue (BRL Million)   78.8     89.0     123.5     165.5     170.5     116.5%
  Number of Services Provided   1,754     1,853     2,435     2,594     2,727     55.5%
    Average Ticket (BRL Thousand)   44.9     48.1     50.7     63.8     62.5     39.3%

 

· Gross Revenue in Brazil grew in all comparisons, mainly driven by the increase in more complex services and the result of investments for growth in the acquired companies.
· The average ticket rose YoY, and QoQ remained stable, reflecting the strategy of bringing new services and creating a complementary portfolio.

 

LATAM

 

COMPOSITION OF GROSS REVENUE
R$ million		   1Q23     1Q22     Chg.
1Q23 x1Q22		     4Q22     Chg.
1Q23 X4Q22		  
RESPONSE                                        
GROSS REVENUES     627.1       350.4       79.0%     667.8       -6.1%
International     418.4       237.9       75.9%     465.3       -10.1%
Latam (ex-Brazil)     55.8       57.9       -3.6%     50.3       10.9%
Subscriptions Latam     36.1       31.2       15.7%     35.5       1.7%
Services Latam     19.7       26.7       -26.2%     14.8       33.1%

 

Attended Services       1Q22   2Q22   3Q22   4Q22   1Q23   Chg.
1Q23 x1Q22		  
Latam (Ex Brazil)   Gross Revenue (BRL Million)   26.7     24.3     9.6     14.8     19.7     -26.0%
  Number of Services Served   89     82     80     104     95     6.7%
    Average Ticket (BRL Thousand)   299.6     296.4     119.6     142.3     207.6     -30.7%

 

· Latam gross revenue had a positive exchange rate impact between 4Q22 vs. 1Q23, due to the 11% devaluation of the Real against the Chilean Peso. Chile represents most of the Latam segment.
· In Latin America, we had a YoY retraction due to the strong revenue comparison base, arising from an oil spill response in the region during 1Q22 and 2Q22.
· The oscillation of the average ticket reflects changes in the complexity of emergencies.

 

EUROPE

 

COMPOSITION OF GROSS REVENUE
R$ million		   1Q23     1Q22     Chg.
1Q23 x1Q22		     4Q22     Chg.
1Q23 X4Q22		  
RESPONSE                                        
GROSS REVENUES     627.1       350.4       79.0%     667.8       -6.1%
International     418.4       237.9       75.9%     465.3       -10.1%
Europe     56.1       47.8       17.4%     64.7       -13.3%
Subscriptions Europe     4.8       3.6       33.3%     4.7       2.1%
Services Europe     51.3       44.2       16.1%     60.0       -14.5%

 

Attended Services       1Q22   2Q22   3Q22   4Q22   1Q23   Chg.
1Q23 x1Q22		  
Europe   Gross Revenue (BRL Million)   44.2     46.7     48.1     60.0     51.3     16.1%
  Number of Services Served   5,681     5,874     5,922     5,974     5,947     4.7%
    Average Ticket (BRL Thousand)   7.8     8.0     8.1     10.0     8.6     10.9%

 

· Gross revenue increased in comparison to 1Q22 due to the start of price recovery and a marginal increase in the number of contracts. In local currency, revenues grew even more than in Reais, as the real appreciated by around 10% and 5% against Pound and Euro, respectively.
· Services Gross Revenues in 1Q23 was lower QoQ due to the large maritime occurrence in the region in 4Q22.

 

 


 

NORTH AMERICA

 

COMPOSITION OF GROSS REVENUE
R$ million		   1Q23     1Q22     Chg.
1Q23 x1Q22		     4Q22     Chg.
1Q23 X4Q22		  
RESPONSE                                        
GROSS REVENUES     627.1       350.4       79.0%     667.8       -6.1%  
International     418.4       237.9       75.9%     465.3       -10.1%  
North America     306.5       132.2       131.8%     350.3       -12.5%  
Subscriptions North America     0.0       0.0       NM     0.0       NM  
Witt O’Brien’s     111.2       0.0       NM     168.4       NM  
Services North America     306.5       132.2       131.8%     350.3       -12.5%  

  

Attended Services       1Q22   2Q22   3Q22   4Q22   1Q23   Chg.
1Q23 x1Q22		  
North America   Gross Revenue (BRL Million)   132.2     131.3     176.5     350.3     306.5     131.8%  
  Number of Services Served   2,556     2,597     2,991     3,117     3,228     26.3%  
    Average Ticket (BRL Thousand)   51.7     50.6     59.0     112.4     95.0     83.6%  

 

· North America ex-WOB operations continue their growth trajectory. Disregarding Witt O’Brien’s revenue, in the North American region growth was 7.8% 1Q23 vs. 4Q22.
· The decrease in quarterly revenue compared to the previous quarter is due to the natural volatility of WOB's business.
· The long-term thesis of capturing a larger share of the emergency market with government funding in the US continues. We have already seen some large WOB contract sales with Ambipar Response in the corporate and government customer market.

  

NET REVENUE

 

R$ million   1Q23     1Q22     Chg.     4Q22     Chg.  
Gross Revenues     627.1       350.4       79.0%       667.8       -6.1%  
Deductions     -30.9       -28.4       8.8%       -35.5       -13.0%  
Net Revenues     596.3       321.9       85.2%       632.3       -5.7%  

 

· The variation in net revenue accompanied the evolution of gross revenue by geography, and the revenue deductions for each region. There was no significant change in the tax structure of each market, with deductions in the Brazilian market being greater than in the international market.

  

COST OF PRODUCTS/SERVICES (CASH)

 

R$ million   1Q23     1Q22     Chg.     4Q22     Chg.  
COST OF SERVICES                                        
Personnel     237.6       118.0       101.4%       271.5       -12.5%  
Third parties     88.8       46.8       89.7%       69.0       28.7%  
Maintenance     19.8       6.6       198.6%       27.8       -28.7%  
Travel     17.2       4.6       273.7%       17.2       -0.3%  
Freight     1.5       1.1       27.4%       13.4       -89.2%  
Rentals     10.7       9.6       11.3%       8.6       24.7%  
Fuel     12.6       12.2       3.4%       7.5       68.7%  
Materiais     7.9       3.3       144.1%       5.2       51.9%  
Telecomunications     3.7       0.7       467.2%       4.2       -12.1%  
Marketing     3.1       0.5       485.7%       4.1       -24.6%  
Taxes     10.8       9.3       16.1%       -1.3       NM  
Others     38.4       16.3       135.9%       27.0       42.2%  
TOTAL     452.1       229.0       97.4%       454.2       -0.5%  

 

 


 

R$ million   1Q21     2Q21     3Q21     4Q21     1Q22     2Q22     3Q22     4Q22     1Q23  
COST OF SERVICES                                                                        
Net Revenue     144.3       190.3       233.4       255.6       321.9       332.6       398.1       632.3       596.3  
Personnel     57.5       73.0       91.3       96.4       118.0       120.2       137.7       271.5       237.6  
Third parties     13.4       19.8       28.8       27.7       46.8       49.5       45.1       69.0       88.8  
Maintenance     5.0       8.6       4.5       6.2       6.6       8.1       15.5       27.8       19.8  
Travel     2.2       2.4       3.8       4.3       4.6       4.6       6.7       17.2       17.2  
Freight     0.4       0.6       0.8       0.9       1.1       1.2       1.3       13.4       1.5  
Rentals     5.1       7.3       7.2       7.1       9.6       9.5       3.3       8.6       10.7  
Fuel     3.7       5.4       6.6       9.0       12.2       18.7       19.8       7.5       12.6  
Materiais     1.4       2.3       3.2       3.5       3.3       3.5       10.4       5.2       7.9  
Telecomunications     0.4       0.4       0.5       0.7       0.7       0.6       1.0       4.2       3.7  
Marketing     0.7       0.9       0.3       1.5       0.5       0.7       5.5       4.1       3.1  
Taxes     0.7       2.1       3.6       3.7       9.3       6.2       5.9       -1.3       10.8  
Others     6.8       9.2       9.0       14.4       16.3       20.8       30.5       27.0       38.4  
Total     97.5       132.1       159.4       175.3       229.0       243.6       282.8       454.2       452.1  

  

Percentage of Net Revenue

 

R$ million   1Q21     2Q21     3Q21     4Q21     1Q22     2Q22     3Q22     4Q22     1Q23  
COST OF SERVICES                                                                        
Net Revenue     144.3       190.3       233.4       255.6       321.9       332.6       398.1       632.3       596.3  
Personnel     39.9%       38.3%       39.1%       37.7%       36.7%       36.1%       34.6%       42.9%       39.9%  
Third parties     9.3%       10.4%       12.4%       10.9%       14.5%       14.9%       11.3%       10.9%       14.9%  
Maintenance     3.5%       4.5%       1.9%       2.4%       2.1%       2.4%       3.9%       4.4%       3.3%  
Travel     1.5%       1.3%       1.6%       1.7%       1.4%       1.4%       1.7%       2.7%       2.9%  
Freight     0.3%       0.3%       0.3%       0.3%       0.4%       0.3%       0.3%       2.1%       0.2%  
Rentals     3.6%       3.9%       3.1%       2.8%       3.0%       2.9%       0.8%       1.4%       1.8%  
Fuel     2.6%       2.8%       2.8%       3.5%       3.8%       5.6%       5.0%       1.2%       2.1%  
Materiais     0.9%       1.2%       1.3%       1.4%       1.0%       1.1%       2.6%       0.8%       1.3%  
Telecomunications     0.3%       0.2%       0.2%       0.3%       0.2%       0.2%       0.3%       0.7%       0.6%  
Marketing     0.5%       0.5%       0.1%       0.6%       0.2%       0.2%       1.4%       0.6%       0.5%  
Taxes     0.5%       1.1%       1.5%       1.4%       2.9%       1.9%       1.5%       -0.2%       1.8%  
Others     4.7%       4.8%       3.9%       5.6%       5.1%       6.2%       7.7%       4.3%       6.4%  
Total     67.6%       69.4%       68.3%       68.6%       71.1%       73.2%       71.0%       71.8%       75.8%  
Gross Margin     32.4%       30.6%       31.7%       31.4%       28.9%       26.8%       29.0%       28.2%       24.2%  

 

Costs increased by 97.4% compared to 1Q22 and decreased by 0.5% compared to 4Q22. Four components have historically represented the bulk of our costs:

 

· Personnel: monitored the growth in revenues and the effect of the acquisition of Witt O'Brien's, which has a higher cost of personnel due to the nature of highly specialized consultancy work.
· Third parties: the increase in the cost of third parties is due to the mix of operations, due to the greater use of third parties, occasionally, in North America in cases attended that required local service capacity greater than the availability of one of the Response operations.
· Maintenance: has accompanied the increase in operational assets.
· Fuel and freight: after increasing considerably over the past two years, freight and fuel prices have been gradually decreasing. The incorporation of WOB reduces the representativeness of these costs in relation to revenue, given its consulting business model.

 

 


 

GROSS PROFIT

 

 

 

· Gross profit grew over 1Q22. Gross margin for 1Q23 reached 24.2%, a result 4.7 pp. and 4.0 pp. lower than that registered in 1Q22 and 4Q22, respectively. The reduction in gross margin is related to the acquisition of WOB in the consolidated numbers, as it has a structurally lower margin level, and the increase in the mix of industrial services, which represent a larger fraction of North America.

 

CAPEX RESPONSE

 

In 1Q23, the addition of Fixed Assets was R$69.0 million. In Response, we invested in Brazil in vessels and helicopters adapted to emergencies, and in North America, in trucks and equipment to support growth in this market.

 

Additions to Fixed Assets
R$ million		   1Q21     2Q21     3Q21     4Q21     1Q22     2Q22     3Q22     4Q22     1Q23  
(+) Brazil     13.4       16.4       32.5       7.1       49.9       8.9       52.3       37.9       43.8  
(+) LATAM ( ex-Brazil )     3.0       0.7       2.0       2.1       0.0       1.9       0.7       4.0       1.1  
(+) Europe     0.6       0.1       2.6       2.8       3.2       0.5       2.4       2.1       1.8  
(+) North America     1.6       3.7       9.2       0.9       11.8       14.7       14.4       28.5       22.2  
Total     18.6       20.8       46.2       12.9       64.8       26.1       69.9       72.5       69.0  

 

Capex   Capex (R$ Million)  
Expansion     37.9  
Response Brazil     25.6  
Response Latam (Ex. Brazil)     0.6  
Response Europe     0.3  
Response North America     11.5  
Maintenance     31.1  
Response Brazil     18.3  
Response Latam (Ex. Brazil)     0.5  
Response Europe     1.6  
Response North America     10.7