T4F ENTRETENIMENTO S.A. T4F Entertainment S.A.
3Q23 Results
T4F Entertainment S.A.
B3: SHOW3
Closing 09/29/2023: BRL 2.61
Average volume in 3Q23: 453.8 thousand (1.4% of free float)
Market Cap on 09/29/2023: BRL 175.9 million
Presentation of results via webcast
http://ri.t4f.com.br/
Date: 09/11/2023
Portuguese
10:00 a.m. (BR) | 09:00 a.m. (US ET)
English
11:00 a.m. (BR) | 10:00 a.m. (US ET)
Results - 3Q23
São Paulo, November 08, 2023 - T4F Entretenimento S.A. ("T4F" or the "Company") (B3: SHOW3), announces its revised results for the third quarter of 2023 (3Q23). The consolidated quarterly information (ITR) is presented in accordance with the International Financial Reporting Standards (IFRS) and the accounting practices adopted in Brazil.
3Q23 Highlights
- Gross Cash of R$172.5 million and Net Cash of R$156.0 million versus R$232.6 million and R$125.9 million in 3Q22, respectively;
- EBITDA of R$14.5 million, 62% higher than the R$9.0 million recorded in the same period of 2022;
- Early settlement of the Company's third issuance of debentures and short-term debts incurred in the second quarter;
- Premiere of the musical The Lion King, ten years after its first production in Brazil, also produced by T4F;
- Primavera Sound 2023 sales opening;
Financial Indicators (R$ million) | 6M22 | 6M23 | Var. % | 2Q22 | 2Q23 | Chg. % |
(9M23/9M22) | (2Q23/2Q23) | |||||
Net Revenue | 281,7 | 361,1 | 28% | 53,4 | 59,7 | 12% |
Events Promotion | 144,4 | 157,2 | 9% | 13,5 | 24,1 | 78% |
Live Music | 127,4 | 134,8 | 6% | 8,1 | 1,7 | -79% |
Family Events and Theater | 17,0 | 22,4 | 32% | 5,6 | 22,4 | 301% |
Ticketing, F&B and Venues Operation | 88,4 | 117,1 | 32% | 31,9 | 29,9 | -6% |
Sponsorship | 48,9 | 86,8 | 78% | 7,9 | 5,8 | -27% |
Events Promotion | 47,5 | 86,1 | 81% | 7,5 | 5,0 | -33% |
Ticketing, F&B and Venues Operation | 1,4 | 0,7 | -48% | 0,4 | 0,7 | 77% |
Cost | (208,0) | (262,8) | -26% | (31,5) | (31,0) | 2% |
Gross Profit | 73,6 | 98,3 | 33% | 21,9 | 28,7 | 31% |
Gross Margin (%) | 26,1% | 27,2% | 1,1 p.p. | 41,0% | 48,1% | 7,1 p.p. |
SG&A | (32,1) | (31,1) | 3% | (9,6) | (11,9) | -24% |
Other Operating Revenues (Expenses) | (8,5) | (5,2) | 38% | (4,9) | (1,5) | 70% |
(-) Depreciation | 4,5 | 1,7 | -62% | 1,6 | (0,8) | -152% |
EBITDA | 37,6 | 63,7 | 70% | 9,0 | 14,5 | 62% |
EBITDA Margin (%) | 13,3% | 17,6% | 4,3 p.p. | 16,8% | 24,4% | 7,6 p.p. |
Recurring EBITDA (excl. one-off effects)⁽¹⁾ | 51,6 | 69,3 | 34% | 16,1 | 15,8 | -2% |
Recurring EBITDA Margin (excl. one-off effects)⁽¹⁾ | 18% | 19,2% | 0,9 p.p. | 30,1% | 26,4% | -3,7 p.p. |
Financial Result | (23,1) | (24,6) | -6% | (13,5) | (9,3) | 31% |
Income Tax And Social Contribution | (3,5) | (3,5) | 0% | (2,7) | (2,4) | 10% |
Net Result | 6,5 | 33,9 | 426% | (8,8) | 3,7 | 142% |
Net Margin (%) | 2,3% | 9,4% | 7,1 p.p. | -16,5% | 6,2% | 22,7 p.p. |
Net Financial Result (excl. one-off effects)⁽¹⁾ | 26,8 | 42,7 | 60% | 4,4 | 10,9 | 148% |
Net Margin (excl. one-off effects)⁽¹⁾ | 9,5% | 11,8% | 2,3 p.p. | 8,2% | 18,2% | 10,0 p.p. |
Operational Indicators | 6M22 | 6M23 | Var. % | 2Q22 | 2Q23 | Chg. % |
(9M23/9M22) | (2Q23/2Q23) | |||||
Live Music | ||||||
Events Promoted | 23 | 19 | -17% | 7 | - | -100% |
Tickets Sold (000) | 352 | 355 | 1% | 39 | - | -100% |
Average Ticket Price (R$) | 406 | 394 | -3% | 241 | - | -100% |
Family Events and Theater | ||||||
Events Promoted | 193 | 249 | 29% | 98 | 91 | -7% |
Tickets Sold (000) | 147 | 247 | 68% | 65 | 154 | 138% |
Average Ticket Price (R$) | 27 | 157 | 472% | 112 | 179 | 60% |
Total | ||||||
Events Promoted | 216 | 268 | 24% | 105 | 91 | -13% |
Tickets Sold (000) | 499 | 603 | 21% | 103 | 154 | 49% |
Average Ticket Price (R$) | 294 | 296 | 1% | 160 | 179 | 12% |
- The description of the non-recurring effects excluded from EBITDA and Net Income for 3Q22 and 3Q23, as well as the non-recurring effects for 9M22, 9M23, are available in the "EBITDA and Recurring EBITDA" and "Net Income (Loss)" sections hereof.
1
Results - 3Q23
Message from the Administration
We started the third quarter with the premiere of the musical The Lion King, the biggest on Broadway, in a partnership with Disney that brings the play back to Brazil after ten years. We have completed the sales, with absolute sold-out, of the six shows of the "The Eras Tour", by the world- famous singer Taylor Swift.
We are finalizing the final preparations for the delivery of the second Brazilian edition of Primavera Sound, the largest festival in Europe, which will take place on December 2nd and 3rd at the Interlagos Race Track, reinforcing the thesis of expanding our portfolio of festivals with relevant brands, seeking to value sustainability and inclusion, in addition to delivering an excellent experience. This year's edition features The Cure, The Killers, Pet Shop Boys, Beck and other great attractions, such as The Hives, Carly Rae Jepsen and Marisa Monte. With this proposal, we had a result that exceeded our expectations of adhesion from the public and partner brands.
Additionally, we announce the expansion of the Turá Festival, which will be held for the first time in Porto Alegre, on November 18 and 19 and will feature big names in Brazilian music, such as Caetano Veloso and Emicida.
As a result, we ended the quarter with an EBITDA of R$14.5 million, with a 24.4% margin, expanding
7.6 percentage points compared to the third quarter of 2022. Our Gross Cash ended the quarter with R$172.5 million and no debt, after having fully prepaid our debentures and short-term lines acquired in the second quarter.
Reinforcing our commitment to inclusion and sustainability, in this quarter alone, we donated more than 1,700 tickets to the musical The Lion King to NGOs, as well as ensuring that all sessions contain interpretation in Libras and audio description. Our festivals are 100% carbon neutral, in addition to a humanized conduct, widely reinforced with our partners and suppliers. This year alone, we have recycled more than 53 tons of waste, and achieved Zero Waste certification at the last Turá festival held in July in São Paulo.
Finally, we continue to invest in the company's digital transformation, through innovation in the acquisition of tickets and in the execution of our events. In addition to implementing efficient management tools, to further elevate the experience of our audience and our business partners.
Serafim Abreu
CEO
2
Results - 3Q23
Comments on Consolidated Economic and Financial Performance
Operational Indicators
No. of events | Tickets (000) |
During 3Q23, we held 91 events for which we sold 154 thousand tickets. We highlight the premiere of the musical The Lion King, in September, as well as the immersive Marvel Avengers S.T.A.T.I.O.N. experience.
In 3Q22, we held the Turá Festival, two concerts by MPB singer Maria Bethânia, as well as concerts by the band Dream Team and singers Billy Idol and Jessie J, in São Paulo. In Family and Theater, we had the musical The Addams Family and as an immersive experience, the Park of Terror, totaling 105 events, for which we sold 103 thousand tickets.
In the 9 months of this year, we held 268 events compared to 216 in the same period last year, although we did not hold Live Music events. In addition, the number of tickets grew by 21% from 2022 to 2023, with 154 thousand versus 103 thousand tickets sold, respectively. This result is mainly due to the musical The Lion King and the immersive Marvel Avengers S.T.A.T.I.O.N. experience.
3
Results - 3Q23
Net Revenue
Net Revenue (R$ million) | 6M22 | 6M23 | Var. % | 2Q22 | 2Q23 | Chg. % |
(9M23/9M22) | (2Q23/2Q23) | |||||
Events Promotion | 144,4 | 157,2 | 9% | 13,5 | 24,1 | 78% |
Live Music | 127,4 | 134,8 | 6% | 8,1 | 1,7 | -79% |
Family Events and Theater | 17,0 | 22,4 | 32% | 5,6 | 22,4 | 301% |
Ticketing, F&B and Venues Operation | 88,4 | 117,1 | 32% | 31,9 | 29,9 | -6% |
Sponsorship | 48,9 | 86,8 | 78% | 7,9 | 5,8 | -27% |
Events Promotion | 47,5 | 86,1 | 81% | 7,5 | 5,0 | -33% |
Ticketing, F&B and Venues Operation | 1,4 | 0,7 | -48% | 0,4 | 0,7 | 77% |
TOTAL | 281,7 | 361,1 | 28% | 53,4 | 59,7 | 12% |
Events Promoted | 216 | 268 | 24% | 105 | 91 | -13% |
Tickets Sold (000) | 499 | 603 | 21% | 103 | 154 | 49% |
Average Ticket Price (R$) | 294 | 296 | 1% | 160 | 179 | 12% |
The Company's total Net Revenue reached R$59.7 million in 3Q23, an increase of 12% compared to 3Q22, which had R$53.4 million. This increase is mainly due to the start of the show The Lion King, as explained in the Family Events and Theater line. This indicator is broken down below:
Net revenue from Event Promotion of R$ 24.1 million in the third quarter of 2023, 78% higher than 3Q22, with R$ 13.5 million, mainly due to the volume of tickets for The Lion King and Marvel Avengers S.T.A.T.I.O.N. events.
Net revenue from Box Office Operations, F&B and Venues decreased in 3Q23 compared to 3Q22, totaling R$29.9 million versus R$31.9 million. This decrease is mainly due to the lower number of events held in the period, since this account includes the sales of food and beverages in the events held.
Net revenue from sponsorships totaled R$5.8 million in 3Q23, versus R$7.9 million in 3Q22. The decrease is mainly due to the sponsorship received for the Turá Festival in 2022 and, in 2023, the sponsorship comes mainly from the musical The Lion King.
Event Promotion
R$ mm
Box Office, F&B, and Venues Operations R$ mm
Sponsorships
R$ mm
4
Results - 3Q23
Gross profit
Gross Profit (R$ million) | 6M22 | 6M23 | Var. % | 2Q22 | 2Q23 | Chg. % |
(9M23/9M22) | (2Q23/2Q23) | |||||
Net Revenue | 281,7 | 361,1 | 28% | 53,4 | 59,7 | 12% |
Cost | (208,0) | (262,8) | -26% | (31,5) | (31,0) | 2% |
Gross Result | 73,6 | 98,3 | 33% | 21,9 | 28,7 | 31% |
Gross Margin (%) | 26,1% | 27,2% | 1,1 p.p. | 41,0% | 48,1% | 7,1 p.p. |
Events Promotion | (14,1) | (49,7) | -253% | (3,2) | 11,0 | 443% |
Ticketing, F&B and Venues Operation | 38,9 | 61,2 | 57% | 17,2 | 12,0 | -30% |
Sponsorship | 48,9 | 86,8 | 78% | 7,9 | 5,8 | -27% |
Gross Profit in 3Q23 was R$28.7 million versus R$21.9 million in 3Q22, representing 48.1% and 41.0% of Gross Margin, respectively. This 31% increase in gross profit is mainly due to (i) the premiere of Brodway's musical, The Lion King, as previously mentioned, and (ii) the volume of tickets sold in the period. The 7.1 p.p. expansion in gross margin is due to Family and Theater events held during the quarter, as these have historically had higher margins than those in Live Music.
Operating Expenses
SG&A (R$ million) | 6M22 | 6M23 | Var. % | 2Q22 | 2Q23 | Chg. % |
(9M23/9M22) | (2Q23/2Q23) | |||||
Sales | (0,6) | (1,0) | -66% | (0,0) | (0,3) | >999% |
General and Administrative | (28,4) | (25,4) | 10% | (8,5) | (10,3) | -21% |
Management Compensation | (3,2) | (4,7) | -46% | (1,1) | (1,2) | -13% |
SG&A | (32,1) | (31,1) | 3% | (9,6) | (11,9) | -24% |
% Total/Net Revenue | 11,4% | 8,6% | -2,8 p.p. | 17,9% | 19,9% | 1,9 p.p. |
Other Operating Revenues (Expenses) | (8,5) | (1,0) | 88% | (4,9) | 2,7 | 155% |
Total | (40,6) | (36,3) | 11% | (14,5) | (13,3) | 8% |
SG&A had a change of 24% versus 3Q22, with R$11.9 million versus R$9.6 million, both negative. This reduction was mainly due to the cost containment moves made by the organization at the beginning of 2023, demonstrating positive effects on the result.
Total Other operating expenses were R$2.7 million in 3Q23, while in the same period of 2022 we recorded a negative R$4.9 million in both periods, referring to provisions for contingency and results of lawsuits. In addition, we recognize R$4.2 million in the Other Income from Investments line, referring to the variable portion in the acquisition of INTI, for the results of 2022 above that projected in its acquisition.
5
Results - 3Q23
EBITDA and Adjusted EBITDA
EBITDA Reconciliation (R$ million) | 6M22 | 6M23 | Var. % | 2Q22 | 2Q23 | Chg. % |
(9M23/9M22) | (2Q23/2Q23) | |||||
Net Result | 6,5 | 33,9 | 426% | (8,8) | 3,7 | 142% |
(+) Income Tax and Social Contribution | 3,5 | 3,5 | 1% | 2,7 | 2,4 | -10% |
(+) Net Financial Result | 23,1 | 24,6 | 6% | 13,5 | 9,3 | -31% |
(+) Depreciation | 4,5 | 1,7 | -62% | 1,6 | (0,8) | -152% |
=EBITDA | 37,6 | 63,7 | 70% | 9,0 | 14,5 | 62% |
EBITDA Margin (%) | 13,3% | 17,6% | 4,3 p.p. | 16,8% | 24,4% | 7,6 p.p. |
(+) Provision of contingencies | 14,1 | 1,4 | -90% | 7,2 | (2,9) | -141% |
Recurring EBITDA (excl. one-off effects) | 51,6 | 69,3 | 34% | 16,1 | 15,8 | -2% |
Recurring EBITDA Margin (%) (excl. one-off effects) | 18,3% | 19,2% | 0,9 p.p. | 30,1% | 26,4% | -3,7 p.p. |
The quarter ended with EBITDA of R$14.5 million, 62% higher than the R$9.0 million recorded in the same period of 2022.
In the adjusted view of Recurring EBITDA, R$1.3 million was added in 3Q23, due to negative R$2.9 million in the line of convictions and contingency provisions and R$4.2 million in the addition of a variable portion in the acquisition of INTI, mentioned in the Operating Expenses block.
In the cumulative view for nine months of 2023, these additions are R$5.6 million - R$1.4 million from contingency provisions and R$4.2 million from INTI's variable portion - against R$14.1 million in the same period of the previous year, resulting in a Recurring EBITDA of R$69.3 million and R$51.6 million, respectively.
Financial Result
Financial Result (R$ million) | 6M22 | 6M23 | Var. % | 2Q22 | 2Q23 | Chg. % |
(9M23/9M22) | (2Q23/2Q23) | |||||
Financial Income | 14,2 | 16,1 | 13% | 6,3 | 6,8 | 7% |
Interest Income | 1,0 | 7,1 | 590% | 0,3 | 4,0 | >999% |
Income over Financial Investments | 12,8 | 8,5 | -34% | 6,0 | 2,6 | -57% |
Others | 0,4 | 0,5 | 21% | 0,0 | 0,2 | 410% |
Financial Expenses | (18,6) | (19,0) | -2% | (5,9) | (7,4) | -27% |
Interest Cost | (2,5) | (4,4) | -77% | (0,8) | (2,4) | -194% |
Interests with Borrowings - Debentures | (12,3) | (7,0) | 44% | (4,3) | (0,9) | 80% |
Tax on Financial Transactions | (0,8) | (3,1) | -290% | (0,0) | (1,4) | >999% |
Others | (3,0) | (4,0) | -33% | (0,7) | (2,4) | -234% |
Financial Income - Financial Expenses | (4,4) | (2,9) | 34% | 0,5 | (0,6) | -236% |
Exchange and Monetary Variations | (17,2) | (21,7) | -26% | (12,5) | (8,6) | 31% |
Exchange Variation | 2,1 | 0,9 | -57% | 0,5 | 1,7 | 208% |
Monetary Variation | (9,0) | (8,3) | 8% | (8,4) | (4,3) | 49% |
Hiperinflation Variation | (10,3) | (14,2) | -39% | (4,6) | (6,0) | -29% |
Net Financial Result | (21,6) | (24,6) | -14% | (12,0) | (9,3) | 23% |
In 3Q23, the difference between Financial Revenues and Expenses was negative by R$0.6 million, mostly impacted by interest assets and liabilities, as well as income from financial investments.
In addition to the effects listed above, the sum of the Exchange, Monetary and Hyperinflationary variations, which do not have a cash effect, was negative R$8.6 million, mainly due to:
- A positive exchange rate variation of R$ 1.7 million was due to the appreciation of the dollar in the period, by 4%, reflected in the value of foreign currency funds held for the payment of fees to international artists and the financing of operations outside the country.
6
Results - 3Q23
- Monetary variation and hyperinflation, together, were negative by R$10.3 million against negative R$13.0 million in the same period of 2022, as a result of the constant inflationary process in Argentina.
Net Income (Loss)
Net Result (R$ million) | 6M22 | 6M23 | Var. % | 2Q22 | 2Q23 | Chg. % |
(9M23/9M22) | (2Q23/2Q23) | |||||
Result Before Taxes | 10,0 | 37,4 | 276% | (6,1) | 6,1 | 199% |
(-) Income Tax and Social Contribution (Current) | (2,8) | (2,6) | 6% | (1,4) | (0,9) | 37% |
(-) Income Tax and Social Contribution (Deferred) | (0,7) | (0,8) | -23% | (1,2) | (1,5) | -21% |
Net Result | 6,5 | 33,9 | 426% | (8,8) | 3,7 | 142% |
Net Margin (%) | 2,3% | 9,4% | 7,1 p.p. | -16,5% | 6,2% | 22,7 p.p. |
(+) Provision of contingencies | 20,4 | 8,8 | -57% | 13,2 | 7,2 | -46% |
Net Result (excl. one-off effects) | 26,8 | 42,7 | 60% | 4,4 | 10,9 | 148% |
Net Margin (%) (excl. one-off effects) | 9,5% | 11,8% | 2,3 p.p. | 8,2% | 18,2% | 10,0 p.p. |
In 3Q23, the Company recorded net income of R$ 3.7 million, 142% higher than the amounts recorded in 3Q22, with a net loss of R$ 8.8 million. Excluding the non-recurring effects of the quarter, we recorded a net loss of R$10.9 million, against R$4.4 million in the same period of 2022.
The breakdown of exclusions by period is represented in the table above, mostly by results of court decisions, agreements or contingency provisions, in addition to the variable portion in the acquisition of the INTI ticket office.
Net income in the nine-month cumulative view of 2023 was R$33.9 million, 426% higher than that recorded in the same period of 2022, of R$6.5 million. Recurring Net Income was also higher, at R$42.7 million in 2023, against R$26.8 million in 2022.
7
Results - 3Q23
Working Capital
Working Capital (R$ million) | 2Q22 | 2Q23 | 2Q23 | Chg. % | Chg. % |
(2Q23/2Q22) | (2Q23/2Q23) | ||||
Current Assets | 173,1 | 457,9 | 312,6 | 81% | -32% |
Accounts Receivable | 98,7 | 324,7 | 106,8 | 8% | -67% |
Inventories | 3,5 | 3,3 | 3,6 | 2% | 8% |
Advances to Suppliers and Anticipated Costs | 32,0 | 99,7 | 170,2 | 432% | 71% |
Recoverable Taxes | 29,7 | 29,6 | 31,5 | 6% | 6% |
Other Receivables | 9,1 | 0,5 | 0,5 | -94% | 7% |
Current Liabilities | 275,9 | 431,4 | 452,2 | 64% | 5% |
Accounts Payable (Suppliers) | 172,5 | 260,1 | 126,0 | -27% | -52% |
Advances from Clients | 89,0 | 159,2 | 313,0 | 252% | 97% |
Payroll, Provisions and Social Contributions | 5,2 | 3,3 | 4,2 | -19% | 27% |
Recoverable Taxes | 7,7 | 6,9 | 7,2 | -6% | 5% |
Dividends Payable | - | - | - | n.a. | n.a. |
Other Payables | 1,5 | 1,9 | 1,8 | 20% | -9% |
Dividends Payable | (102,9) | 26,5 | (139,6) | -36% | -626% |
Working capital in 3Q23 was negative at R$139.6 million versus positive R$26.5 million in 2Q23, and negative R$102.9 million in 3Q22.
In the comparison between 3Q23 and 2Q23, this is due to: (i) decrease in the value of Accounts Receivable, mainly reflecting the receipt of credit card sales of Taylor Swift's concerts, held in June, (ii) decrease in the suppliers' account due to the partial payment of the fee of singer Taylor Swift and the band The Killers, (iii) increase in Customer Advance accounts, mainly due to the sale of the Primavera Sound festival and sessions of the musical The Lion King. In addition, we had reclassification between supplier accounts and customer advances, which had an amount passed on to other companies in the group.
Cash and Indebtedness
Cash and Indebtedness (R$ million) | 6M22 | 6M23 | Var. % | 2Q22 | 2Q23 | 2Q23 | Chg. % | Var. % |
(9M23/9M22) | (2Q23/2Q22) | (2Q23/2Q23) | ||||||
Balance in Cash and Financial Investments (BoP)⁽²⁾ | 229,1 | 185,4 | -19% | 217,1 | 178,5 | 132,7 | -39% | -26% |
Operating Cash Flow | 36,1 | 80,4 | 123% | 19,0 | (76,6) | 170,7 | 801% | 323% |
Investment Cash Flow | (1,6) | (2,7) | -67% | (0,4) | (4,6) | 3,2 | 935% | 171% |
Financing Cash Flow | (30,8) | (94,6) | -207% | (1,0) | 37,2 | (133,9) | >999% | -460% |
Exchange Variance | (0,2) | 4,0 | n.a. | (2,1) | (1,8) | (0,3) | 84% | 82% |
Increase (Reduction) in Cash and Equivalents | 3,5 | (12,9) | -467% | 15,5 | (45,8) | 39,8 | 157% | 187% |
Balance in Cash and Financial Investments (EoP) | 232,6 | 172,5 | -26% | 232,6 | 132,7 | 172,5 | -26% | 30% |
Borrowings and Financing - Short Term | 46,7 | - | -100% | 46,7 | 110,6 | - | -100% | -100% |
Lease Liabilities (Current) | 6,0 | 2,8 | -54% | 6,0 | 5,7 | 2,8 | -54,27% | -52% |
Borrowings and Financing - Long Term | 60,0 | - | -100% | 60,0 | 20,0 | - | -100% | -100% |
Lease Liabilities (Non-Current) | 4,4 | 13,8 | 214% | 4,4 | 14,5 | 13,8 | 214,48% | -5% |
Total Indebtedness | 117,1 | 16,5 | -86% | 117,1 | 150,8 | 16,5 | -86% | -89% |
Net Cash (Debt) | 115,5 | 156,0 | 35% | 115,5 | (18,0) | 156,0 | 35% | 965% |
We ended the third quarter of 2023 with R$172.5 million in Gross Cash, versus R$132.7 million in 2Q23 and R$232.6 million in 3Q22. The main effects on Cash Flow were:
- Operating Cash Flow: Generation of R$170.7 million in this quarter, mainly with the receipt of ticket values for Taylor Swift concerts, Primavera Sound festival and musical The Lion King.
- Cash Flow from Investments: The positive Cash Flow from Investments of R$3.2 million is due to:
(i) reclassification between Cash Flow from Investments and Operating Cash Flow (ii) investments in management and development software also from the INTI ticket office and (iii) investments in modernization of the Renault Theater and improvement of its surroundings for the premiere of the musical The Lion King.
8
Results - 3Q23
- Financing Cash Flow: Cash consumption in this line of R$133.9 million due to the early settlement of all our debentures, as well as the short-term lines contracted in 2Q23.
- Finally, there was a negative exchange variation of R$ 0.3 million in the third quarter of 2023, due to the appreciation of the real against the dollar, impacting foreign currency availabilities and assets.
As a result, we ended 3Q23 with no indebtedness, with only lease liabilities between Gross Cash and Net Cash.
Event Pipeline
We will promote the 6 shows of the "The Eras Tour" tour of the singer Taylor Swift, a worldwide success that will be in Brazil in November, with 3 performances in Rio de Janeiro and 3 in São Paulo. In addition, we will hold the first edition of the Turá Festival in Porto Alegre, as an expansion of the brand and growth of our festival platform. The event will take place on November 18 and 19. Long in advance, we have two practically sold-out concerts by singer Laura Pausini in São Paulo in March 2024.
As announced to the market at the end of July, we started the partnership to promote the Spanish festival Primavera Sound in Brazil. It will be the second edition in São Paulo, which will take place on December 2nd and 3rd at the Interlagos Race Track, with headliners The Cure, The Killers, Pet Shop Boys and Beck, as well as major attractions such as Grimes, Carly Rae Jepsen and Marisa Monte, in addition to two individual shows in São Paulo, by the band The Killers and the band Pet Shop Boys. on November 30th and December 4th, respectively, in addition to the concert of singer Carly Rae Jepsen, in Rio de Janeiro, on December 1st.
In the Family and Theater segment, we continue with the musical The Lion King, in partnership with Disney. For the second time in Brazil, it had its premiere in July, the most successful musical in Broadway history.
9
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
T4F Entretenimento SA published this content on 09 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 November 2023 14:08:18 UTC.
