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6-K 1 tm2330811d1_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 November, 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 November 14, 2023, its parent company, Ambipar Participações e Empreendimentos S.A. (“Ambipar Parent”), announced its results for the nine months ended September 30, 2023.

 

 

 


 

Ambipar Parent released results for the third quarter of 2023.

 

 

Excerpts of this announcement relating to Ambipar Emergency Response (the “Company”) are furnished as Exhibit 99.1 to this Report on Form 6-K. Financial information relating to the Company 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 nine months ended September 30, 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 nine months ended September 30, 2023, we cannot assure you that such financial information will be indicative of the Company’s actual financial results for the nine months ended September 30, 2023 or for any future periods.

 


 

EXHIBIT INDEX

 

Exhibit
No.		   Description of Exhibit
99.1   Press Release of Ambipar Emergency Response dated November 15, 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: November 15, 2023

 

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

 

 
EX-99.1 2 tm2330811d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

AMBIPAR PARTICIPAÇÕES E EMPREENDIMENTOS S.A. - EARNINGS RELEASE 3Q23

 

RESPONSE SEGMENT

 

HIGHLIGHTS

 

BRL million     3Q23     3Q22       Chg.       2Q23     Chg.       9M23*       9M22     Chg.  
GROSS REVENUE     702.6       431.8       62.7%       660.4       6.4%       1,990.1       1,145.5     73.7%  
DEDUCTIONS     -61.5       -33.7       82.5%       -48.3       27.3%       -140.7       -92.9     51.5%  
NET REVENUE     641.1       398.1       61.0%       612.1       4.7%       1,849.4       1,052.6     75.7%  
GROSS PROFIT     192.2       115.3       66.7%       157.9       21.7%       495.4       297.3     66.6%  
GROSS MARGIN     30.0%     29.0%       1.0 p.p.       25.8%     4.2 p.p.       26.8%       28.2%     -1.5 p.p.  

 

* 9M23 EBITDA and EBITDA margin adjusted to exclude extraordinary expenses and non-cash from NYSE listing.

 

GROSS REVENUE

 

RESPONSE
COMPOSITION
OF GROSS REVENUE R$ million		     3Q21     4Q21     1Q22     2Q22     3Q22     4Q22     1Q23     2Q23     3Q23
GROSS REVENUE     262.4       281.5       350.4       363.3       431.8       667.8       627.1       660.4       702.6  
Brazil     82.2       77.1       112.5       122.8       159.4       202.5       208.7       244.5       270.9  
International     180.2       204.4       237.9       240.6       272.4       465.3       418.4       415.9       431.8  
Latam (ex Brazil)     47.7       50.1       57.9       58.7       44.1       50.3       55.8       54.3       61.7  
Europe     50.1       48.1       47.8       50.5       51.8       64.7       56.1       46.0       42.8  
North America     82.4       106.2       132.2       131.3       176.5       350.3       306.5       315.5       327.3  

 

Our operations had revenue variations as expected. Gross revenue reached R$703 million in 3Q23, 62.7% higher than 3Q22 and up by 6.4% compared to 2Q23.

 

BRAZIL

 

COMPOSITION OF GROSS REVENUE
R$ million		     3Q23     3Q22     Chg.
3Q23 x3Q22		       2Q23     Chg.
3Q23 X2Q23		       9M23     9M22     Chg.
9M23 x 9M22		  
RESPONSE                                                                
GROSS REVENUES     702.6       431.8       62.7%       660.4       6.4%       1,990.1       1,145.5       73.7%  
Brazil     270.9       159.4       70.0%       244.5       10.8%       724.1       394.6       83.5%  
Subscriptions Brazil     40.3       35.9       12.4%       39.6       1.9%       118.1       103.3       14.3%  
Services Brazil     230.5       123.5       86.7%       204.9       12.5%       606.0       291.3       108.0%  

 


 

Attended Services       3Q22   4Q22     1Q23   2Q23   3Q23   Chg.
3Q23
x3Q22		  
Brazil   Gross Revenue (BRL Million)   123.5     165.5     170.5     204.9     230.5     86.7%  
  Number of Services Provided   2,435     2,594     2,727     3,075     3,237     32.9%  
    Average Ticket (BRL Thousand)   50.7     63.8     62.5     66.6     71.2     40.4%  

 

• Gross Revenue in Brazil grew in all comparisons, mainly driven by the provision of scheduled industrial services and emergencies in the road and rail sectors.
• The average ticket rose YoY and QoQ reflecting higher complexity of attended services.
• This result is related to the integration and cross-selling between the business areas.

 

LATAM

 

COMPOSITION OF GROSS REVENUE
R$ million		     3Q23     3Q22     Chg.
3Q23
x3Q22		       2Q23     Chg.
3Q23
X2Q23		       9M23     9M22     Chg.
9M23 x
9M22		  
RESPONSE                                                                
GROSS REVENUES     702.6       431.8       62.7%       660.4       6.4%       1,990.1       1,145.5       73.7%  
International     431.8       272.4       58.5%       415.9       3.8%       1,266.1       750.8       68.6%  
Latam (ex-Brazil)     61.7       44.1       39.8%       54.3       13.5%       171.8       160.7       6.9%  
Subscriptions Latam     35.8       34.6       3.7%       34.6       3.6%       106.5       100.2       6.3%  
Services Latam     25.8       9.6       170.0%       19.7       30.9%       65.3       60.5       7.9%  

 

Attended Services       3Q22   4Q22   1Q23   2Q23   3Q23   Chg.
3Q23
x3Q22		  
Latam (Ex Brazil)   Gross Revenue (BRL Million)   9.6     14.8     19.7     19.7     25.8     170.0%  
    Number of Services Served   80     104     95     90     102     27.5%  
    Average Ticket (BRL Thousand)   119.6     142.3     207.6     219.4     253.4     111.8%  

 

Latam gross revenue had a negative exchange rate impact between 2Q23 vs. 3Q23, due to the 7.9% appreciation of the Real against the Chilean Peso. On a Local currency view, Revenues showed slight growth. The good result in profitability of the operation in Chile stands out, which benefited from services for large clients in the mining, engineering and steel industry

 


 

EUROPE

 

COMPOSITION OF GROSS REVENUE
R$ million		     3Q23     3Q22     Chg.
3Q23
x3Q22		       2Q23   Chg.
3Q23
X2Q23		       9M23     9M22     Chg.
9M23 x
9M22		  
RESPONSE                                                                
GROSS REVENUES     702.6       431.8       62.7%       660.4       6.4%       1,990.1       1,145.5       73.7%  
International     431.8       272.4       58.5%       415.9       3.8%       1,266.1       750.8       68.6%  
Europe     42.8       51.8       -17.4%       46.0       -7.0%       145.0       150.1       -3.4%  
Subscriptions Europe     4.3       3.7       16.4%       4.6       -5.4%       13.7       11.1       23.6%  
Services Europe     38.5       48.1       -20.0%       41.5       -7.1%       131.2       139.0       -5.6%  

 

Attended Services       3Q22   4Q22     1Q23   2Q23   3Q23   Chg.
3Q23
x3Q22		  
Europe   Gross Revenue (BRL Million)   48.1     60.0     51.3     41.5     38.5     -20.0%  
    Number of Services Served   5,922     5,974     5,947     5,798     5,854     -1.1%  
    Average Ticket (BRL Thousand)   8.1     10.0     8.6     7.2     6.6     -19.0%  

 

• In Europe, we saw a quarterly drop in revenue, due to lower industrial demand and fewer railway emergencies and coast guard services.
• On the positive side, we have become emergency response suppliers for data center companies in Europe.
• The operation has shown satisfactory profitability, there was an emphasis on winning contracts with better margins in industrial services, compensating for the drop in revenue.
• The region puts Ambipar in a position to capture contracts across EMEA.

 

NORTH AMERICA

 

COMPOSITION OF GROSS REVENUE
R$ million		     3Q23     3Q22     Chg.
3Q23
x3Q22		       2Q23     Chg.
3Q23
X2Q23		       9M23     9M22     Chg.
9M23 x
9M22		  
RESPONSE                                                                
GROSS REVENUES     702.6       431.8       62.7%       660.4       6.4%       1,990.1       1,145.5       73.7%  
International     431.8       272.4       58.5%       415.9       3.8%       1,266.1       750.8       68.6%  
North America     327.3       176.5       85.5%       315.5       3.7%       949.3       440.0       115.7%  

 

Attended Services       3Q22   4Q22   1Q23   2Q23   3Q23   Chg.
3Q23
x3Q22		  
North America   Gross Revenue (BRL Million)   176.5     350.3     306.5     315.5     327.3     85.5%  
    Number of Services Served   2,991     3,117     3,228     3,660     3,751     25.4%  
    Average Ticket (BRL Thousand)   59.0     112.4     95.0     86.2     87.2     47.9%  

 

• North American operations continue its growth trajectory in industrial and emergency services, with emphasis on performance in Texas, which has provided services to the agricultural market.
• In Canada, services for the oil and gas industry and infrastructure stand out.

 


 

NET REVENUE

 

R$ million     3Q23     3Q22     Chg.       2Q23     Chg.       9M23     9M22     Chg.  
Gross Revenues     702.6       431.8       62.7%       660.4       6.4%       1,990.1       1,145.5       73.7%  
Deductions     -61.5       -33.7       82.5%       -48.3       27.3%       -140.7       -92.9       51.5%  
Net Revenues     641.1       398.1       61.0%       612.1       4.7%       1,849.4       1,052.6       75.7%  
% Deductions / Gross Revenues     -8.8 %     -7.8 %     -1.0 p.p.       -7.3 %     -1.4 p.p.       -7.1 %     -8.1 %     1.0 p.p.  

 

• 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 higher deductions in the Brazilian market than in the international market.

 

COST OF PRODUCTS/SERVICES (CASH)

 

RESPONSE  
COST OF SERVICES R$ million     3Q23     3Q22     Chg.     2Q23     Chg.     9M23     9M22     Chg.  
Personnel     260.0     137.7       88.8%     253.4       2.6%     751.1       375.9       99.8%  
Third parties     102.7     45.1       127.9%     92.2       11.5%     283.7       141.4       100.6%  
Maintenance     22.7     15.5       46.2%     24.7       -8.3%     67.2       30.2       122.7%  
Travel     19.7     6.7       192.1%     19.2       2.7%     56.1       16.0       250.8%  
Freight     1.2     1.3       -6.9%     0.8       53.3%     3.5       3.6       -4.2%  
Rentals     -21.2     3.3       N.M.     11.7       N.M.     1.3       22.4       -94.4%  
Fuel     16.1     19.8       -18.4%     12.8       26.4%     41.5       50.7       -18.1%  
Materials     4.6     10.4       -56.0%     5.2       -11.5%     17.7       17.1       2.9%  
Telecommunications     3.7     1.0       262.1%     2.9       29.1%     10.2       2.2       358.4%  
Marketing     4.6     5.5       -15.5%     5.3       -12.6%     13.0       6.7       94.0%  
Taxes     1.1     5.9       -82.3%     4.2       -75.1%     16.1       21.5       -25.1%  
Others     33.6     30.5       10.2%     21.9       53.8%     92.8       67.5       37.3%  
TOTAL     448.8     282.8       58.7%     454.1       -1.2%     1,354.0       755.3       79.3%  

 

RESPONSE
COST OF SERVICES R$ million     3Q21     4Q21     1Q22     2Q22     3Q22     4Q22     1Q23     2Q23     3Q23
Net Revenue     233.4       255.6       321.9       332.6       398.1       632.3       596.3       612.1       641.1  
Personnel     91.3       96.4       118.0       120.2       137.7       271.5       237.6       253.4       260.0  
Third parties     28.8       27.7       46.8       49.5       45.1       69.0       88.8       92.2       102.7  
Maintenance     4.5       6.2       6.6       8.1       15.5       27.8       19.8       24.7       22.7  
Travel     3.8       4.3       4.6       4.6       6.7       17.2       17.2       19.2       19.7  
Freight     0.8       0.9       1.1       1.2       1.3       13.4       1.5       0.8       1.2  
Rentals     7.2       7.1       9.6       9.5       3.3       8.6       10.7       11.7       -21.2  
Fuel     6.6       9.0       12.2       18.7       19.8       7.5       12.6       12.8       16.1  
Materials     3.2       3.5       3.3       3.5       10.4       5.2       7.9       5.2       4.6  
Telecommunications     0.5       0.7       0.7       0.6       1.0       4.2       3.7       2.9       3.7  
Marketing     0.3       1.5       0.5       0.7       5.5       4.1       3.1       5.3       4.6  
Taxes     3.6       3.7       9.3       6.2       5.9       -1.3       10.8       4.2       1.1  
Others     9.0       14.4       16.3       20.8       30.5       27.0       37.3       21.9       33.6  
Total     159.4       175.3       229.0       243.6       282.8       454.2       451.0       454.1       448.8  

 


 

Percentage of Net Revenue

 

RESPONSE  
COST OF SERVICES R$ million     3Q21       4Q21       1Q22       2Q22       3Q22       4Q22       1Q23       2Q23       3Q23  
Net Revenue     233.4       255.6       321.9       332.6       398.1       632.3       596.3       612.1       641.1  
Personnel     39.1%       37.7%       36.7%       36.1%       34.6%       42.9%       39.9%       41.4%       40.6%  
Third parties     12.4%       10.9%       14.5%       14.9%       11.3%       10.9%       14.9%       15.1%       16.0%  
Maintenance     1.9%       2.4%       2.1%       2.4%       3.9%       4.4%       3.3%       4.0%       3.5%  
Travel     1.6%       1.7%       1.4%       1.4%       1.7%       2.7%       2.9%       3.1%       3.1%  
Freight     0.3%       0.3%       0.4%       0.3%       0.3%       2.1%       0.2%       0.1%       0.2%  
Rentals     3.1%       2.8%       3.0%       2.9%       0.8%       1.4%       1.8%       1.9%       -3.3%  
Fuel     2.8%       3.5%       3.8%       5.6%       5.0%       1.2%       2.1%       2.1%       2.5%  
Materials     1.3%       1.4%       1.0%       1.1%       2.6%       0.8%       1.3%       0.8%       0.7%  
Telecommunications     0.2%       0.3%       0.2%       0.2%       0.3%       0.7%       0.6%       0.5%       0.6%  
Marketing     0.1%       0.6%       0.2%       0.2%       1.4%       0.6%       0.5%       0.9%       0.7%  
Taxes     1.5%       1.4%       2.9%       1.9%       1.5%       -0.2%       1.8%       0.7%       0.2%  
Others     3.9%       5.6%       5.1%       6.2%       7.7%       4.3%       6.3%       3.6%       5.2%  
Total     68.3%       68.6%       71.1%       73.2%       71.0%       71.8%       75.6%       74.2%       70.0%  
Gross Margin     31.7%       31.4%       28.9%       26.8%       29.0%       28.2%       24.4%       25.8%       30.0%  

 

Costs remained stable as a percentage of revenue when comparing 3Q23 vs. 2Q23, reflecting the company's business mix. There were no highlights in the composition of costs in this quarter. The largest cost components – Personnel, Third Parties, Maintenance, Fuel and Travel – represented more than 85% of total costs.

 

Rental costs were reversed this quarter, due to the reclassification of expenditure relating to 2023 of operations in North America, which did not adopt the IFRS 16 standard.

 


 

GROSS PROFIT

 

 

 

Gross profit grew over 3Q22. Gross margin for 3Q23 reached 30.0%, a result of 1.0 pp. higher than 3Q22 and up by 4.2 pp. compared to 2Q23. The improvement in gross margin in relation to 2Q23, is due to better performance in Brazil and Canada.

 

It is worth noting that part of the margin increase in 3Q23 is due to the accounting adjustment to IFRS 16 carried out in this period and will not be recurring.

 


 

CAPEX RESPONSE

 

In 3Q23, addition of Fixed Assets was R$75.6 million. In Response, we invested in Latin America in the new training camp in Chile and in Brazil, we acquired equipment to support the expansion of the operation, mainly for air services.

 

Additions to Fixed Assets
R$ million		     3Q23     3Q22     Chg.
3Q23
x3Q22		     2Q23     Chg.
3Q23
x 2Q23		     9M23     9M22     Chg.
9M23
x 9M22		  
Response     75.6     69.9     8.1%     41.9     80.2%     186.5     160.8     16.0%  
(+) Brazil     45.4     52.3     -13.2%     11.6     292.2%     100.8     111.1     -9.3%  
(+) LATAM (ex-Brazil)     15.8     0.7     2052.6%     19.8     -20.3%     36.7     2.7     1262.8%  
(+) Europe     1.4     2.4     -44.2%     1.8     -26.4%     5.0     6.1     -17.3%  
(+) North America     13.1     14.4     -9.4%     8.7     49.4%     44.0     40.9     7.6%  

 

Additions to Fixed Assets
R$ million		   3Q21     4Q21     1Q22     2Q22     3Q22     4Q22     1Q23     2Q23     3Q23
Response   46.2     12.9     64.8     26.1     69.9     72.5     69.0     41.9     75.6
(+) Brazil   32.5     7.1     49.9     8.9     52.3     37.9     43.8     11.6     45.4
(+) LATAM (ex-Brazil)   2.0     2.1     0.0     1.9     0.7     4.0     1.1     19.8     15.8
(+) Europe   2.6     2.8     3.2     0.5     2.4     2.1     1.8     1.8     1.4
(+) North America   9.2     0.9     11.8     14.7     14.4     28.5     22.2     8.7     13.1

 

      3Q23     9M23
Expansion and Maintenance Capex     Capex
(R$ Million)		     % Group
Revenue		     Capex
(R$ Million)		     % Group
Revenue
Service Expansion     85.0     7.2%     227.4     6.4%
RESPONSE     39.6     3.4%     101.9     2.9%
Response Brazil     23.9     2.0%     55.8     1.6%
Response Latam (Ex. Brazil)     15.7     1.3%     34.3     1.0%
Response Europe     0.0     0.0%     0.3     0.0%
Response North America     0.0     0.0%     11.5     0.3%
Service Maintenance     80.3     6.8%     208.3     5.9%
RESPONSE     36.0     3.0%     84.8     2.4%
Response Brazil     21.5     1.8%     45.1     1.3%
Response Latam (Ex. Brazil)     0.0     0.0%     2.3     0.1%
Response Europe     1.4     0.1%     4.8     0.1%
Response North America     13.1     1.1%     32.5     0.9%