BANO MODA Banco Modal S.A.
IFRS consolidated financial statements at December 31, 2021 and 2020
and independent auditor's report
IFRS Consolidated Financial Statements |, December 31, 2021 | 1 |
Banco Modal S.A.
Contents of the Consolidated Financial Statements
Page
Management Report
Independent auditors' report
FINANCIAL STATEMENTS
Consolidated Balance Sheet
Consolidated Statement of Operations
Consolidated Statement of Comprehensive Income
Consolidated Statements of Changes in Shareholders' Equity
Consolidated Statement of Cash Flows
Consolidated Statement of Value Added
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
- Operations
- Preparation Basis
- Significant accounting practices
- Accounting judgments and estimates
- Operating segments
- Cash and cash equivalents
- Financial Assets - Marketable Securities
- Financial assets at fair value through profit or loss - Derivatives
- Financial Assets at Amortized Cost - Credit Operations
- Financial assets by risk stage and changes in provision for expected credit loss
- Non-currentassets held for sale and discontinued operations
- Investments in associates
- Property and Equipment
- Right of use of leases
- Goodwill and capital gains from companies acquired through business combinations
- Other intangible assets
- Other assets
- Financial liabilities at amortized cost - Funds obtained in the open market
- Financial Liabilities at amortized cost - Deposits
- Other Liabilities
- Shareholders' Equity
IFRS Consolidated Financial Statements | December 31, 2021 | 2 |
Banco Modal S.A.
Contents of the Consolidated Financial Statements
- Assets, Tax Liabilities and Taxes on the Result
- Provisions and contingent liabilities
- Income (expenses) with interest and similar
- Result of financial assets and liabilities at fair value through profit or loss
- Service revenue
- Foreign exchange result and foreign exchange variations of transactions abroad
- Other operating income (expenses)
- Personnel expenses
- Tax
- Other administrative expenses
- Related-partytransactions
- Employee benefits
- Financial and operating risks management
- Capital management
- Measurement at fair value
- Other information
- Events after the reporting period
IFRS Consolidated Financial Statements | December 31, 2021 | 3 |
4Q21 & 2021 EARNINGS RELEASE
FEBRUARY 22, 2022. Banco Modal S.A. (B3: MODL11) announces today its financial results for the 4th quarter ("4Q") and full year ("12M") of 2021. The financial information is presented in accordance with the consolidated financial statements, in IFRS.
2021 Highlights (vs. 2020)
Total AuC
R$34.3 billion
+92.4%
Enrolled Clients
1.7 million
+46.4%
Net Revenue
R$770.9 million
+2.1x
Adjusted Net Income
R$164.8 million
+3.1x
Net Inflow
R$5.5 billion (4Q21)
Active Clients
580.5 thousand
+63.3%
Annualized ROAE
17.7%
+3.9 p.p.
Adjusted Net Margin
21.4%
+6.6 p.p.
OPERATIONAL AND FINANCIAL HIGHLIGHTS
Financial Highlights | 4Q21 | 4Q20 | ∆% | 2021 | 2020 | ∆% | ||||||||||||||
(in R$ thousands except when indicated) | ||||||||||||||||||||
Gross Revenue | 268,298 | 107,193 | 150.3% | 817,199 | 383,756 | 112.9% | ||||||||||||||
Net Revenue | 256,290 | 99,823 | 156.7% | 770,890 | 359,484 | 114.4% | ||||||||||||||
Gross Profit | 216,604 | 81,915 | 164.4% | 642,726 | 287,327 | 123.7% | ||||||||||||||
Gross Margin (%) | 84.5% | 82.1% | 2.4 p.p. | 83.4% | 79.9% | 3.5 p.p. | ||||||||||||||
Adjusted Net Income (1) | 45,963 | 14,218 | 223.3% | 164,833 | 53,302 | 209.2% | ||||||||||||||
Adjusted Net Margin (%) | 17.9% | 14.2% | 3.7 p.p. | 21.4% | 14.8% | 6.6 p.p. | ||||||||||||||
Shareholders' Equity (2) | 1,273,612 | 586,253 | 117.2% | 1,273,612 | 586,253 | 117.2% | ||||||||||||||
Total Assets (3) | 6,664,536 | 4,072,923 | 63.6% | 6,664,536 | 4,072,923 | 63.6% | ||||||||||||||
Operational Highlights | 4Q21 | 4Q20 | ∆% | |||||||||||||||||
Annualized ROAE (%) (4) | 17.7% | 13.8% | 3.9 p.p. | |||||||||||||||||
AuC (R$bn) | 34.3 | 17.8 | 92.4% | |||||||||||||||||
Retail AuC | 27.4 | 8.3 | 231.5% | |||||||||||||||||
Institutional AuC | 6.9 | 9.6 | -28.0% | |||||||||||||||||
Active Clients (number of clients) | 580,476 | 355,460 | 63.3% | |||||||||||||||||
Enrolled Clients (number of clients) | 1,717,214 | 1,172,944 | 46.4% | |||||||||||||||||
Revenue Yield (%) | 1.36% | 1.25% | 0.1 p.p. | |||||||||||||||||
- Net Income from Continuing Operations, adjusted for the provision of the Phantom Stock Option plan after taxes and for non-recurring expenses in 4Q21
- Adjusted Shareholders' Equity. See Glossary for definition.
- Total Assets, excluding the assets held for sale.
- Return on Average Adjusted Shareholders' Equity. See Glossary for definition.
- Modal as a Service - multiplication of our financial well-beingecosystem: in October/21, we announced the acquisition of LiveOn with the purpose of connecting our ecosystem of banking, investment and educational products in the robust technological structure of LiveOn, and thus multiplying it to several companies and their respective employees and customers, exploring the B2B2C channel using an unprecedented model of solutions "as a service". And, in December/21, taking another step to strengthen our ecosystem, we announced the acquisition of W2 Digital, specialized in offering insurance in a digital way, connecting providers, insurtechs and insurance companies to customers and partners through digital channels such as apps, websites and platforms, using the white label format. LiveOn had its closing concluded in January/21 and W2 Digital is still waiting for the conclusion of the conditions precedent for the closing.
- Complementing our ecosystem and leveraging cross-sellopportunities: in November/21, we announced the acquisition of Galapos, a traditional boutique of mergers and acquisitions and strategic advisory, which offers a complete line of services focused on the preparation, execution and, mainly, post- merger integration, which gives to Galapos scale and robustness with a significant volume of recurring revenue. The acquisition has already received approval from the Central Bank of Brazil in January/21 and, upon completion of the other conditions precedent, should have its closing done soon.
IFRS Consolidated Financial Statements | December 31, 2021 | 5 |
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Banco Modal SA published this content on 03 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 March 2022 00:05:06 UTC.
