Good morning, everyone. We are here very happy to announce the results of the fourth quarter, of very good results. This one, especially with a few records broken, both in terms of revenues and EBITDA. I think this is the culmination of a strategy of the company in terms of reinforcing our core business and having some options. We have been able this quarter to have BRL 1.7 billion in revenues, record revenues. In the quarter, BRL 940 million, 87% above last year.
The EBITDA of BRL 102 million in the quarter, this is a record ever. BRL 327 million in the last 12 months, BRL 163 million in the six-month period. In comparison to the first half of last year, these numbers are way above. We are continuing to expand our margins. Adding our business with core businesses, 26% growth margin in 2Q 2021, 13% adjusted EBITDA margin, net income of BRL 51 million, BRL 107 million, year against net loss in the same periods of the previous year.
Recently, we have been publishing or disclosing the numbers in our three business units in terms of consumers, what we sold to individuals and customers. Gross revenue in excess of BRL 1 billion in the first half of the year, growth of 131% year-on-year. Last year, we had a weak quarter. It was the beginning of the pandemic. Corporate business unit, we have BRL 279 million of revenues. This revenue, it's a little bit of this new vision that we have for the corporate market with a new executive officer that we have hired, with 36% growth year-on-year.
For public organizations, we have never had so many RFPs. We have 54% growth year-on-year, and we delivered BRL 425 million. Advances in our growth avenues, the payment solutions is with a strong pipeline. We are soon to announce very good news with other carriers other than just Cielo. For the Smart Home , once again, it's the best-selling product for Amazon Prime Day. We have had many new customers. We have grown 137% as compared to last year.
We have launched an education ecosystem, and we even changed the name of this department, so Educational, an Ecosystem of Technology and Innovation. This ecosystem aims to be the major integrator of educational solutions in Brazil. We can see this movement in the emergence of many companies and many good products. We don't have enough power to sell. We are launching. We are going to have Math Suite. Our math product. We sell by use. This is a major project, and we are launching, and we are very optimistic about this project.
We have grown 80% in HaaS. There is a major demand for HaaS in schools. We have launched specific products for this sector, with some demand of Hardware- as- a-S ervice. The growth and the sale of computers has been significant, 52% year-on-year growth. Added to the volume, an increase in average prices because of a higher average dollar and higher price of components, very high demand, and retail is not yet fully supplied. A complete brand portfolio. The first time we have a little bit of Compaq. Today we have Positivo, Vaio, and Compaq.
This is part of our strategy of reaching all different layers of society in terms of computer sales. We are really honored to be on the Board of DMTF. We are the only ones from Latin America among many other companies from all over the world defining the future for hardware companies. We structured our area. Now we have a corporate VP in IR area. We think that there is a great opportunity for growth because of our wide-ranging product portfolio, going from servers storage to desktops notebooks going through network equipment.
We have a wide-ranging variety of products to be sold, hardware, service provision. There are many things that we needed to structure more aggressively, and that's why we have hired Rodrigo for this area. Likewise, we were not so strong in IR, so we have really reinforced IR for the interaction with the stakeholders in the market. Next slide. Here you can have an idea of the evolution of gross revenue. There is a seasonality. It's clear. The second half of the year is usually stronger than the first half.
There has been a major growth as compared. As compared to the first half last year, we have had a growth. By business, we have had more growth in consumer, 16% in corporate and 24% in government organizations. This is what we have won through public RFPs. Talking a little bit about the consumer market, this major growth to BRL 1 billion. This is because of major sales volume and also higher prices. The two things combined provided this growth of 130%. Yes, we are.
With everything, you have computers, there are many people working from home, and it sounds like this movement is something very specific. They all think that this is a secular movement. We have a growth in the global market of computers. The peak was 365 million in 2011. This year we are going to beat that number. Computers are personal again, and this seems to be a sustained movement and hybrid work is here to stay. The number of classes that will be taught remotely will increase permanently and hybrid work is here to stay.
With lots of technology, online consultations, and this is all going to call for the use of computers at a level that we have today. We are at a new level. Research institutes think that this level of 370, 380 computers that we had this year is a new level that is going to sustain over the next few years. In Brazil, we have not yet breached our peak of 2011, which was 16 million. We are going to have 8 million this year because we had a very intense economic crisis. This is very much related to the GDP. We are really excited with the computer market. There has been a significant growth in Vaio.
The first few sales of Compaq. The small retail channel have grown 232% as compared to last year. We have always been stronger with the 100 top retailers, and we weren't strong from 101 to 3,000. Now, we have designed a project to go into positions 101 to 3,000. We have had a 44% increase in the average price of computers or computer tickets, both because of higher dollar prices. We are still in Smart Home , 155 users.
Major components, and we are more connected, launching more products in this area. Once again, we were top in Amazon Prime Day. We have had a significant growth from BRL 205 million- BRL 279 million in the corporate sector. servers grew only 5% this year as compared to last year, but this is a thriving market. Overall, BRL 279 million revenues. We had these 36%. There is a reversal from desktops to notebooks. We are still selling desktops, but now we are selling more notebooks as compared to desktops. We have more than 50% in notebooks. 50% increase in the number of contracts signed.
A greater demand for HaaS, which accounts for a relevant share of the revenue of the period. We are going to have a boost in that area because schools will open again. That is why our area of technology did not grow. Once schools open again, they will start and then they need the technology. Now for means of payment, as I said, there is a major pipeline with other players other than Cielo. Many others, actually. We are having contact with all of them now, as there is no more exclusive rights for the credit card machines.
As to government organizations, we have had a growth from BRL 227 million- BRL 425 million. We have more than BRL 1 billion pipeline already contracted to be delivered this year, and a little bit last year against BRL 552 million in the same period of 2020. For this number, we had BRL 550 million in the pipeline in July last year, and this year we have BRL 1 billion. In addition to the amount of the ballots, the electronic ballots or the ballot boxes, and we are going to deliver about 20% of the ballot boxes, about 45,000 ballot boxes this year.
The bidding market is still very busy with educational and non-educational projects right now. There is a major bid in the state of Minas Gerais with 85,000 desktops and with three different lots, with thousands and thousands of laptops and desktops. We won 120,000 tablets in the government of Ceará. We had already won 120,000. Just to give you an idea that this market is really buying. We have an increased demand for equipment rental model. We have a recurrence of additives attesting the market's confidence in our products and solutions offered, especially HaaS. Caio, would you like to talk about numbers and financial performance? I think you are the best person to do that.
Yes, thank you very much for the opportunity for the conference call. Starting with the growth margin, you can see a quite significant expansion, both in the quarter and in the first half of the year. This is due to three main factors: a strong activity, also a better mix, and a growth in notebooks instead of desktops. We are selling more tablets for the same reasons that we mentioned before, the strong presence of these products in education department in the state, in addition to advances in HaaS and Smart Home revenues.
There has been an increase in the average ticket of products, both because of the FX variation and higher prices of parts. In terms of adjusted EBITDA, we went from 2%- 13% in the second quarter of 2021. In the half year, we went from a negative number to 11.2%, and the reasons are precisely the same as for the gross margin. A strong expansion of activities, a better mix, and also appropriate control of costs and expenses that we started last year during the pandemic. We took measures to have a better control of costs and expenses, and this is providing good results in the company's performance now.
We should highlight that this is the fourth quarter in a row of expansion of EBITDA. As we said before, we have a historical record with this number for the company. On the next slide, we have financial results and net income. This is important to emphasize in financial results that there has been a loss of BRL 49 million in Q2, which is explained by two financial expenses, and which is very much in line with our growth strategy.
This is a result of the strong growth that the company is having. We need more funding for working capital and also to fund future expenses. The second element is the FX variation. 36% of FX variation in Q2 fully explained by the drop in the prices of dollar, which went from BRL 5.50-BRL 5 in the end of June. This is because of FX protection. If we look at the first half of the year numbers, this is translated to a gain of BRL 4.7 billion, which demonstrates the efficacy of our FX protection strategy in a context of high volatility.
Looking from this end, this all translates in strong net income of BRL 55.5 million in Q2. In the first half, BRL 107.3 million. The strong generation of EBITDA and strong net income, and with the net debt of BRL 323 million under control, have led our leverage net debt over EBITDA to be 1x , in contrast to 1.7x in Q2 2020, which is very good. On this other slide, we talk about the capitals market. These are very important numbers for the company. There have been more corporate investors, 55% approximately of our share base in the free float.
Overall, the market is very much interested in the company. In order to do that, as Hélio said, we have restructured the company and restructured our investor relations department to be more available to explain the company's strategies. This then has translated into good performance of our stock. We are having a much better performance evaluation of almost 80%, versus 1Q 2021. It is also important to say that we are no longer unknown.
Now we have peers in our market, and we would also like to emphasize that there is a trend that our numbers slightly below the comparable numbers. We think that the market is going to equalize these issues a long time. We continue to deliver good results and good market communication, and this is going to be well-balanced. I would also like to emphasize the strong liquidity of our bonds. If you get the average traded by day, about BRL 92 million, so it is a quite strong number too. Now, we go to our final considerations and outlook, and I give the floor back to Hélio.
I would just like to summarize something to try and understand. We have four very good quarters. What about the future? On these slides, we tried to show you a little bit a summary of what happened in the first half of this year and what we think is going to happen in the second half of the year in each one of our main business units. Consumer business unit still has strong demand. Retail is not yet fully supplied, and there is even a question about retail.
Some retails are better supplied, but on average, retailers have about 60 days of inventory, when usually they have 90- 120, depending on the retailer. So there is still some room to sell in regardless of sell-out. And sell-out is still very good. To give you an idea, in Google chat of notebook procurement, it is still higher and very much strong and higher than before the pandemic. What happened in this business unit accounts for about 45% of our annual revenues.
On the segment of cheaper computers that need computers for online work, they buy these cheaper computers, which is what they can afford. We have come back. We also have the issue of homeschooling that accelerates the sale of tablets and computers. A higher presence at home also influence in a smart home. I want a little bit more comfort and convenience when I am at home. They cannot go out, they cannot party. The growth of light bulbs has grown. We had many LED strips in the market. The portfolio has expanded, and cell phones are growing again, but it is more our own growth than the market.
The market is stable, but we have grown, especially because LG has left the market, as everybody knows. This provides some room and mobility for us to grow. And small retailers have grown more than 200% over the first half of 2020. Now, talking about subsequent periods, this quarter and the quarter after this one, Q3 and Q4, they usually account for 55% of our annual revenues. There is a secularization of hybrid work and homeschooling. There is a maintenance of strong demand for computers, tablets, and home automation items, as I explained before.
And Positivo boosts consumer PC penetration in cell phones. We have also expanded our portfolio, trying to have a strategy as values. Average price are nearly 40% higher than in 2021 as compared to 2020, due to the appreciation of the FX rate and higher input cost. Retail is still below pre-pandemic average supply level, as I explained to you before. Now, on the next slide, talking about the corporate market. Likewise. The revenues are approximately 45%- 55% constantly over the last three years. Average prices are 25% higher than last year.
There is a renewal of parks. There is a boom in small companies that we did not believe in. Very strong small businesses, IDC maintains its forecast for significant growth of large companies too. And it has still going up, always supported by very strong funding structures, and we are really evolving a lot of that. In terms of payment solutions, the market is very interesting for us. We had very good prospects. We have been approaching for the smart machines. There is a major demand. We have expanded our portfolio.
Today, we have smart and non-smart machines, but mainly through smart machines. servers are still benefiting for the hybrid cloud and convergence. With 5G, this is due to grow, but it will not be this year yet. Yes, next year, 5G will be an important factor for our growth. Now explaining a little bit about our government in closing on page 15. Our gross revenue was BRL 425 million, with major bids such as Ministry of Finance, Caixa, Banco do Brasil, Petrobras, as well as notebooks and tablets for public schools in the states of São Paulo, Ceará, in many cities all over Brazil, and many bids still open lots.
This makes us have a pipeline of BRL 1 billion in contrast to BRL 550 million. To give you a more accurate number, just to emphasize that the BRL 550 million of last year have turned in BRL 290 million revenues in the second half. Not everything is built in the second half. Proportionally, you can have an idea of how much we think we are going to build in the second half of this year.
Plus another 20% of the ballot boxes, and the supply of 225,000 and we are going to deliver 45,000 units in November and December, and the rest will be in the first months of next year. In a nutshell, the outlook is very optimistic right now for our company. We are really excited. We are still working in home office, and we are still working very intensely. We are working very hard, but we are very excited. Thank you all very much. Thank you.
Now we are going to start our Q&A session. We have many questions here. Maybe it is a record here. Let us start with XP, Bernardo Guttmann. The first question from Bernardo is the following: EBITDA margin has caught our attention in spite of a scenario of shortage of electronic parts. What is the speed of normalization and how do you see the recovery of supply to the manufacturing industry? Can we expect the margin expansion, assuming everything that you have said?
Good morning, Bernardo. Trying to explain. I am not too optimistic in terms of increase of EBITDA margin. We are likely to keep it, but unlikely to increase it. It might go up by 0.5% in one quarter and down. I think this EBITDA margin is normalized. In the midterm, once new businesses start to have a higher share of our revenues, then we are going to see an expansion in the EBITDA margin, but not in the short future.
Our EBITDA margin is very good for our history, and this is going to keep. As to the crisis, we are supplied for what we thought we were going to supply in the second half of the year, and we were conservative. I do not know whether we would be able to supply more. If we had more, we would certainly have sold more. There was shortage for everyone, so we do not know how much more we would have sold. We have BRL 1 billion in inventory today. For the pipeline that we have until the end of the year, we are very well supplied.
The crisis as a whole demonstrates that maybe we have reached the peak over the past few weeks. Prices that were going up for electronic parts now stopped going up. The escalation of prices can now slow down. We think we are almost at the peak of the crisis. From now on, the trend is of improvement. But we do not know how long it is going to take to go back to normal. It depends very much on the supplier type of component. Some industries have grown more and others less. So it will depend. Some industries are only going to go back to normal at the end of 2022, beginning of 2023, others in the beginning of 2022. But I would say we are at the peak, and from now things are going to get better.
There is a second question, and very much related to the first one. I would like to understand your vision about the level of inventory on the front end. Some players have recently said that they are well stored for the second half of the year. Do you think there will be a lower sellout? Any concerns?
I mentioned that, Bernardo. We do not see retailers stocked. Some, because they were afraid of shortage, they bought more. But on average, they have about 60- 65 days of inventory of our products on average, when they usually work with 90- 120 days. So there is still some adjustment, and there is sell-out. Sell-out is not as good as it was in the first half of the year, when people were still at home buying desperately computers, but it is still very good.
Another question from Sergio Saraiva. He has two questions. The first one: are you negotiating partnerships with major smartphone brands?
Yes, we are. No announcements to make yet. We are negotiating, and we are very optimistic.
Second question: in corporate venture capital with the participation of Eleva, where is the startup going to operate?
Eleva.?
Yes
What is Eleva? Please remind me of the startup.
I would answer like this: This is a startup, which is not core to our portfolio. We have a 40% stake in it. We invested quite some time ago. It is a business model that we are monitoring. But this is not the same thing. It is not a company that we monitor so closely. The investment was in 2017, and we have a 40% stake at t he startup.
I changed its name. Eleva. They make drones for agricultural spraying. I was very optimistic with the startup. They are engineers from ITA that worked for Embraer, and they wanted to make an unmanned airplane. We call it drone, but it is really an unmanned airplane. Those little airplanes that spray pesticides, what they should and what they should not. But this company, the prototype, which should have flown a year ago, has not flown yet. So I think this is one of the startups that we no longer believe that is going to perform very well.
So a question from Carlos Herrera. Could you talk about the performance of Hilab in the quarter?
Would you not disclose intermediate numbers? Because Hilab does not disclose that. We have been monitoring Hilab. They did very well last year and this year with a BRL 2 million contract for tests signed with the Butantan Institute . COVID tests. So Hilab, they have many labs all over the state of São Paulo, real-time results of the pandemic in each location in the state.
There were 2 million tests that were hired, that were delivered, part of them delivered last year, part of them this year. They have very good performance in terms of revenue. And its core, which is expansion in drugstores. They are still expanding all over Brazil. And even a customer of ours that has drugstores, Bemol, in north of Brazil. They are based in Manaus. And Bemol CEO was saying that he is very excited as Hilab is going into all their drugstores, about 60 drugstores in the north region of the country. Hilab is doing very well.
Thank you. Now continuing with Carlos Herrera questions. Are you suffering from the shortage of semiconductors and chips? Which products are the most affected?
All products are affected almost equally. It is a widespread shortage. For example, one chip that we are missing is a sound chip. No one ever heard about the company, Realtek. They design 80% of sound chips used all over the industry, computer, cell phones, in smart home, cars. This company does that. Everything bottled. There is a bottleneck. Because everyone wants, and they do not have their own designer. Because they manufacture their chips in TSMC, that is responsible for 90% of integrated circuits.
They are in Taiwan. No one had ever paid attention how important Taiwan is in terms of a house or manufacturing of computer parts. We defined another layout for our Boards so that they could accept a different kind of chip. I think we are at the peak of the crisis, and this is likely to improve from now on into the future. Prices have gone way up, but the trend is that slowly it is going to go back to normal. For sales that we planned ourselves to do, we have been able to do.
Sometimes it is a little bit late. It is not in one month. Over the last four weeks, there has been a major crisis of containers in China. Chinese ports were very, very busy. There were no containers to board products into ships. Once they got to Brazil, there were COVID cases in the ships, and they could not unload. There has been a minor delay in some of our parts. Now, we could have had a better performance in Q2, but now we will be delivering those in Q3, and I think that everything that we planned, we will be able to accomplish.
One last question from Carlos Herrera. "Which consumer products have the highest margins?"
I think there is a trend to have a balance in margins. There is not one product that has a higher margin than the other. It depends very much on the cycle. Once you launch it, the margin is slightly higher, then it goes down as time goes by. But all consumer products that are sold in Brazilian retail, they are likely to have similar margins.
There is a question from Julio Cesar Coelho. It is about inventory. "How much of this is price and products that were bought to form backlog?"
It is a combination of price and volume for our future revenues. It means that we are optimistic with what we are going to build in the future. There is no obsolete inventory. We are not overstocked. What we have is inventory that is going to be sold in August, September, and so on and so forth.
This clearly demonstrates the strength of future quarters. A question from Roni Oliveira: "What do you expect for Schood considering that schools are reopening?"
Schood is a product that suffered a lot. When schools were closed, they stopped buying that product, and when schools reopen, they are going to buy that product again, that is dropping the revenue because some types of products that educational technology sells, so LEGO for education, Micro:bit, so microplates to teach programming and Schood.
Schood is no longer sold, and I think this is going to be resumed once schools reopen. I do not think this is going to be immediate. They are much more worried with the going back of students rather than buying technology for in-person education right now. But it is just a matter of a few months for that to go back up again.
We have a question from Marcos Nascimento. "Good morning, everyone. Congratulations on your performance. The growth of sales innovation of some products, is there a perspective of export market or volume measurement?"
We do not talk about our performance overseas. We operate through a JV in Argentina. We have a JV in Argentina, and we have 50% of a company in Argentina. And through Argentina, we operate in Argentina, Uruguay, now in Colombia, and in some countries in Africa, more specifically in Kenya, Rwanda, and now in Ghana. We do it through the subsidiary. We do not think of exporting. We export a little bit of educational tablets, something that we have in educational technologies, but it is about BRL 1 million a year. It is not much.
A question from Philip Dick. "Congratulations on performance. The evolution of the company's market share. How is it? How do you see small investors?"
The market share has been keeping retail at 16%, 17%, 18%, depending on the month. With the growth of Compaq, we are going to gain a little bit of share once Compaq starts gaining volume this quarter now. We have been keeping up our share. We are neither gaining or losing, and everyone is very much heated up. If we had more supply, we would have gained share. But there is a limitation in supply, so the share has been limited by supply.
About investors, I can say a few things. Obviously, 45% of our basis is individuals. We hold them really dearly. They are a different audience, slightly different from the organizational, but very important, which accounts for a significant share of our basis of investors. We want to be able to cater to the needs of both audiences, both corporate and individuals. We want to enforce our services to individual investors. Now we have a question from Henry. "Congratulations. Could you talk about corporate venture capital, BRL 40 million will be for companies in which industries?"
We are still defining where to invest. We have a major pipeline of products, of companies to be investigated. We have reinforced, and we have spent a little bit of the companies that we have, and this pipeline today is formed by EdTechs, AgriTechs, and LogTechs. We are most likely to invest in these three industries: logistics, agriculture, and education. The pipeline is doing very well. Agro is doing very well. Agrosmart and AgTech and the flagship that XP called Hi Technology is doing very well too. I think investments are evolving well. We have 11 investments and eight of the 11 are growing significantly.
Another question from Christian Morais [Relin] With the peak of the crisis, will there be a slowdown in a home office, and how is that going to impact you?
I don't think that demand is going to go down. Hybrid work has been growing. Work is not going to be fully in-person as it was before. This has an impact in the demand for computers. We have reached a new level, not that there will be a sharp growth next year, but we are going to keep this high level.
Now a question from Francisco Fanini, very interesting. The market understood that Positivo's numbers are very good. Why should I continue to believe in Positivo as an independent investor? What should you improve in Positivo?
Well, it's difficult to answer this question. I still believe very much in this company. We are at a very good time. I think that we built a winning strategy combining core business and the avenues for growth. We have a core business with computers, tablets, and cell phones that is very good with a full ranging portfolio with few computer brands, maybe more brands in cell phones. Tablets doing very well too, on one hand.
We have the avenues of growth as an option. We have payment machines, we have storage service, we have Smart Home , we have educational, we have PaaS, we have services, we have ballot boxes. Everything, we're going to have a new process of 176,000 ballot boxes very shortly. All these things make us believe that we have a very good future. This is what we believe.
Another question from Christian Morais [Relin] With a high inventory for next quarter, what should we expect from Positivo smartphones? Do you want to go to the top this year, next year?
Well, we fight in the entry-level smartphones. Smartphones up to BRL 1,000. There we have a significant share. We are seeking this partnership to go to other segments. We want to have partnerships and to operate in other levels.
Now a question from Gabriel Castelões . Congratulations on your performance. Thank you very much. Once leverage has gone down significantly, what are the company's prospects for new investments, CapEx, and to increase leverage? Maybe.
Well, our company in terms of production capacity, it's not very CapEx intensive. Even if we grow, we still have idle manufacturing capacity, but we might need to invest in some regions that might grow more than one another. They are low investments. Investments in a new plant is BRL 10 million-BRL 15 million. They are not very high investments. What we see in our avenues of growth in our core business, it makes sense to have some M&A. We are looking and paying close attention. Nothing has been defined. We are just studying the possibilities and trying to understand whether it would be interesting for us to have any more significant investment in M&A.
A question from Flávio Bica . Good morning. Congratulations on your performance. Thank you. Had we approved the ballot boxes with the printing, would it impact you?
It wouldn't impact for us. Our ballot boxes are pre-prepared to have a printer, and then the election authorities would decide whether to connect the printer or not. Would we bid into an RFP for printers? I do not know. It would depend on the terms. It does not impact delivery of our ballot boxes if we needed to print.
A question from Wendel. The smart home market is billionaire. Is it just products and services?
Currently, we are in a phase of Do- it-Y ourself. All the products that we sell are installed by the consumer. This is a segment of the smart home that has been growing the most. Wireless and cheap sensors have made it possible to Do- it- Yourself. Our first entry in smart homes is in a Do- it- Yourself.
It does not mean that we are not interested or studying going to do it for me. Having more complex equipment that needs to be installed by a professional for the smart home and small companies, medium-sized companies, and large-sized companies. We are studying now. We want to increase the portfolio of Do- it -Yourself with electronic door locks, doorbells, a network of routers, a new app that is very, very nice. This is what we have been doing for the smart home today.
We have answered 100% of our questions. The record number of questions as compared to past quarters. I give the floor back to you, Hélio, for your closing remarks.
For me, this is it. I think we have said everything. We are very happy with the results that we are announcing. We are at a very good time in our company, and we are very happy because the strategy that we defined some time ago was successful. We are very, very happy with that. Caio, would you like to say something?
I think that this is it. We are having historical numbers, very good outlook, record presence. We have had 97 people connected to our conference call and asking questions, and this is very good. We would like to reinforce a very good time for our company, and we believe that we are going to deliver more and more. Thank you all very much.
Thank you. Goodbye.