Sao Martinho S.a. · BMFBOVESPA:SMTO3
Sao Martinho — 3Q21 Earnings Presentation
12 slides from Sao Martinho's earnings presentation, February 2021
Slide 1: Results 3rd Quarter 2020/2021 Harvest
Results 3nd Q u a r t e r 2020/2021 Harvest
Slide 2: Disclaimer
Disclaimer • This presentation contains forward-looking statements relating to the business outlook, operating and financial projections, and the growth prospects of São Martinho S.A. These statements merely represent projections and as such are based exclusively on management’s expectations about t
Slide 3: Agenda
Agenda 1. Operational Highlights 5. Inventories 2. Financial Highlights 6. Sugar Market 3. Cash Cost 7. Ethanol Market 4. Indebtedness 8. Capex 33
Slide 4: Operational Highlights
Operational Highlights OPERATIONAL DATA 9M20 9M21 Chg.(%) Crushed Sugarcane (‘000 tons) 22,640 22,522 -0.5% Own 15,740 15,811 0.5% Third Parties 6,900 6,711 -2.7% Agricultural Yield (ton/ha) 82.9 80.7 -2.6% Average TRS (kg/ton) 139.4 145.7 4.6% Production Sugar ('000 tons) 1,106 1,483 34.1% Ethanol
Slide 5: Financial Highlights
Financial Highlights R$ ‘000 Executive Summary 3Q20 3Q21 Chg. (%) 9M20 9M21 Chg. (%) Net Revenue¹ 1,029,978 1,213,471 17.8% 2,555,008 3,165,129 23.9% Adjusted EBITDA 541,440 651,597 20.3% 1,277,680 1,619,288 26.7% Adjusted EBITDA Margin 52.6% 53.7% 1.1 p.p. 50.0% 51.2% 1.2 p.p. Adjusted EBIT 237,686
Slide 6: Cash Cost including Maintenance Capex
Cash Cost including Maintenance Capex Cash COGS Sugar and Etanol (R$ mm) SUGAR ETHANOL (R$/ton) (R$/m3) +21.5% 115 1,202 97 1,087 +15.4% +0.5% 990 1,279 1,897 1,907 1,108 Price Δ Margin Δ Margin +12.9 p.p. -0.5% +0.8 p.p. -0.8% 9M20 Consecana 9M20 Deviation 9M21 Adjusted 1,516 1,508 Total 1,020 1,01
Slide 7: Indebtedness
Indebtedness Mar/20 Dec/20 Chg.% Currency - Gross R$ '000 Gross Debt 4,841,376 4,227,571 -12.7% Cash and Cash Equiv alents 1,962,066 1,424,509 -27.4% BBB- USD Net Debt 2,879,311 2,803,062 -2.6% Investment Grade Net Debt / LTM EBI TDA - R$ 1.55 x 1.27 x -17.8% 39% Global Scale Net Debt / LTM EBI TDA
Slide 8: 4Q21 Inventories
4Q21 Inventories 416.5 334.3 Sugar thousand Ethanol thousand tons m³ CBIOs CBIOs issued but not Price¹ yet sold (R$/CBIO) 32,8 32,7 90 825 832 Volume (‘000) 3Q21 9M21 4Q21 1 – Prices net of Income Tax (withheld at source) and Pis/Cofins: 9,25% 8
Slide 9: Sugar Market
Sugar Market Sugar and Ethanol Prices Sugar premium compared (in sugar equivalent) to ethanol remuneration: 28% 19 (average from April/20 to January/21) 16 Hedge Position 13 Sugar Avg. Price Avg. Price hedged 10 (USD c/p) (R$/ton) (tons) 7 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Apr-20 May-20 Jun-
Slide 10: Ethanol Market
Ethanol Market Ethanol Consumption and Price 2,243 2,229 2,233 2,198 2,159 2,139 2,094 1,993 1,945 1,942 1,897 1,826 1,799 1,835 1,738 1,761 1,749 1,722 1,508 1,466 2.7 2.8 2.7 2.9 2.5 2.7 2.7 2.5 2.7 2.5 2.4 2.4 2.5 2.4 2.3 2.2 2.2 0.8 0.8 2.1 0.8 0.7 0.8 0.8 1.7 0.8 0.7 0.7 0.8 0.8 0.8 0.8 0.8 0.7
Slide 11: Capex - 4Q21 and 21/22 Season
Capex - 4Q21 and 21/22 Season 2020/2021 Harvest 2021/2022 Harvest (estimated) (estimated) ✓ Maintenance Capex: R$ 1.2 BI ✓ Maintenance Capex: R$ 1.3 BI ✓ + Operational Improvements + Projects: ~R$ 300 ✓ Projects: ~R$ 535 million million ✓ Project Corn Ethanol (GO): ~R$ 450 million ✓ UTE (São Martinh
Slide 12: Investor Relations Contacts
Investor Relations Contacts +55 11 2105-4100 ri@saomartinho.com.br www.saomartinho.com.br/ir