Bioceres Crop Solutions Corp. · NASDAQ:BIOX
Bioceres Crop Solutions — Q1 2024 Earnings Presentation
17 slides from Bioceres Crop Solutions's earnings presentation, Nov 14, 2023
Slide 1: First Quarter 2024
BIOCERES CROP SOLUTIONS FISCAL First Quarter 2024 FIRST QUARTER 2024
Slide 2: Disclaimer
BIOCERES CROP SOLUTIONS Disclaimer This Presentation is for informational purposes only and does not constitute an offer or invitation to sell, a solicitation Financial Information Presentation of an offer to buy, or a recommendation to purchase any equity, assets, business, debt or other financial
Slide 3: Business & Financial Highlights
BIOCERES CROP SOLUTIONS Key Revenues in 1Q24 were $116.6 million, driven by post-drought recovery at the beginning of Argentine summer crop season and continued global Business expansion & Financial Adjusted EBITDA for the quarter was $16.3 million Highlights 02 HB4 Wheat harvest and Soybean plantin
Slide 4: Revenue Evolution
BIOCERES CROP SOLUTIONS Revenue Evolution +71% -8% Strong quarterly performance, with most product segments showing post-drought recovery 03 in Argentina 04 127.1 05 116.6 YoY reduction due to strong 115.0 103.5 104.7 1Q23 comparables 06 94.4 93.6 80.0 76.6 FIRST QUARTER 2024 1Q22 (1) 2Q22 (1) 3Q22
Slide 5: Revenue by Segment
BIOCERES CROP SOLUTIONS 1Q24 1Q23 1Q24 Revenue ($ Million) by Segment 50.3 38.3 -24% 127.1 63.0 116.6 55.9 -8% -11% 04 05 06 13.8 22.3 +61% 07 Reporting Crop Nutrition Seed & Integrated Products Crop Protection Segment Biostimulants in EU and HB4 downstream Adjuvants in Argentina Key Drivers BRA sal
Slide 6: Gross Profit by Segment
BIOCERES CROP SOLUTIONS 1Q24 1Q23 1Q24 Gross Profit ($ Million) by Segment 25.2 17.0 -32% 51.4 17.9 45.0 19.7 -13% 10% 05 06 07 8.3 8.2 -1% 08 Reporting Crop Nutrition Seed & Integrated Products Crop Protection Segment Key Drivers Lower gross profit from Gross profit almost Stronger sales of higher
Slide 7: 1Q24 Adjusted EBITDA
BIOCERES CROP SOLUTIONS 1Q24 Adjusted EBITDA ($ Million) The decrease in Adjusted EBITDA (6.4) results from softness in gross 06 profit, not fully offset by improved 24.5 operational performance 07 2.3 (0.9) (1.4) 08 (1.7) 09 16.3 FIRST QUARTER 2024 Adj. EBITDA Gross SG&A R&D Change in net Other inc
Slide 8: Balance Sheet & Cash Position
BIOCERES CROP SOLUTIONS Balance Sheet & Cash Position Net Debt 2.78x 2.51x Adj. EBITDA Improvement in Net debt-to-LTM adjusted EBITDA ratio from 2.78x in ($ Million) 227.8 226.4 1Q23 to 2.51x in 1Q24, due to higher 07 LTM Adjusted EBITDA 153.1 125.7 08 09 10 100.7 74.7 FIRST QUARTER 2024 Current Deb
Slide 9: HB4 Update
BIOCERES CROP SOLUTIONS HB4 Update The El Niño weather cycle started in late October to early November – Rains normalized HB4 Wheat harvest began in northern Argentina 08 with favorable preliminary results 09 10 HB4 Soy plantings at 150% of last year’s IP HB4 Non–HB4 11 hectares – with Brazil at 6x.
Slide 10: Value Chain Integration for HB4 IP Inventories
BIOCERES CROP SOLUTIONS Value Chain Integration for HB4 IP Inventories Generation HB4 Program Downstream Strategy Farmers as partners Data-linked grain Regenerative agriculture inventories Increased value proposition ESG-linked inventories with end-to-end Quality and industrial performance 09 tracea
Slide 11: US Patent Awarded for New Gold Standard in Biological N2 Fixation
BIOCERES CROP SOLUTIONS US Patent Awarded for New Gold Standard in Biological N2 Fixation Stepped approach to innovation in New market opportunities based on biologicals improved product characteristics Increased microbe concentration allows optimization Pre-inoculation Application Bacteria 10 of ap
Slide 12: Rate Reductions in Seed-applied Technologies Enable Chemical Substitutions
BIOCERES CROP SOLUTIONS Rate Reductions in Seed-applied Technologies Enable Chemical Substitutions and Loading of New Innovations Before Now 11 12 Rizoderma MBI-206 v1 Platform 13 (600 ml) (400 ml) Platform Chemical Chemical 50 ml 14 Fungicide Insecticide - Available (300 ml) Nematicide for new (250
Slide 13: Expansion in Brazil
BIOCERES CROP SOLUTIONS Expansion in Brazil Completed construction of new high-tech adjuvant production plant in Londrina, Brazil 4x increase in annual production capacity 12 13 $60 million estimated revenues at full capacity 14 15 Quality control and R&D labs certified by MAPA Expansion of our foot
Slide 14: Exhibits
BIOCERES CROP SOLUTIONS Exhibits FIRST QUARTER 2024
Slide 15: Unaudited Consolidated Statement of Comprehensive Income
BIOCERES CROP SOLUTIONS Unaudited Consolidated Statement of Comprehensive Income Three-month period Three-month period ended 09/30/2023 ended 09/30/2022 Total revenue 116.6 127.1 Cost of sales (71.6) (75.7) Gross profit 45.0 51.4 % Gross profit 39% 40% Operating expenses (38.5) (35.8) Share of profi
Slide 16: Unaudited Consolidated Statement of Financial Position
BIOCERES CROP SOLUTIONS Unaudited Consolidated Statement of Financial Position ASSETS 09/30/2023 06/30/2023 LIABILITIES 09/30/2023 06/30/2023 CURRENT ASSETS CURRENT LIABILITIES Cash and cash equivalents 29.6 33.5 Trade and other payables 159.1 125.8 Other financial assets 13.8 5.4 Borrowings 100.7 7
Slide 17: Contact Us
BIOCERES CROP SOLUTIONS Contact Us Investor Relations Investorrelations@biocerescrops.com Investors.biocerescrops.com FIRST QUARTER 2024
Bioceres Crop Solutions — Q1 2024 Earnings Presentation on 6ix