In the fourth quarter of 2023, CVC Brasil (CVCB3) reported a net loss of R$74.5 million, an improvement compared to the loss of R$96.8 million recorded in the same period of the previous year.
Earnings before interest, taxes, depreciation and amortization (Ebitda) showed a drop of 34.3% compared to the previous year, totaling R$54.3 million in the last quarter of 2023. Considering the adjustments, Ebitda reached R $86.4 million in the same period.
On the other hand, net revenue recorded a significant increase of 53.1% compared to the previous year, reaching R$492 million.
CVC (CVCB3)
In the fourth quarter of 2023, confirmed reservations in the direct-to-consumer (B2C) segment showed growth of 21.2% compared to the same period in 2022 (4QR22). This increase was mainly driven by several factors:
The recovery of the physical store channel, with growth in same store sales (SSS – Same Store Sales), indicating a positive performance of the CVC² store base;
A significant increase in sales and conversion rate during the week of Black Friday, with respective increments of 44% and 8.2 percentage points compared to the same period in 2022. This was accompanied by intensive marketing campaigns for the date, such as “CVC Friday”;
Offering more competitive products, especially exclusive ones with longer shipping times;
Better conditions and payment options offered to customers.
B2C
In B2C, despite the 6.5% growth in the fourth quarter of 2023 in consumed reservations, this increase was lower than that observed in confirmed reservations. This difference can be attributed to the increase in sales of exclusive products with longer shipping times and more efficient management of working capital.
In the B2B segment, there was a reduction in sales volume due to the interruption of ticket sales to thousands. However, this decision contributed to avoiding financial losses and reducing defaults, thanks to the reinforcement of the credit analysis area and the collection structure.
In the Argentine operation, growth of 11.8% in the quarter was driven by the same factors mentioned above.
In 2023, Consumed Reserves totaled R$15.3 billion, an increase of 5.7% compared to 2022.
Expenses
General and Administrative Expenses were significantly reduced compared to the fourth quarter of 2022, with a fall of 28.7%, and in relation to 2022, with a reduction of 16.7%. This was the result of greater control of fixed expenses, including the rationalization of structures and the review of contracts. Additionally, in January 2024, the company carried out a new structural adjustment, resulting in a reduction of approximately 10% in the number of employees.
The company
CVC is a Brazilian company in the tourism and travel sector, known as one of the largest tour operators in the country. Founded in 1972 by Guilherme Paulus and Carlos Vicente Cerchiari, the company began as a travel agency in Santo André, São Paulo. Over the years, CVC expanded its operations and became one of the leaders in the tourism market in Brazil, offering a wide range of services, including national and international tour packages, hotel reservations, cruises, car rentals and event tickets.
