Bioceres Crop Solutions Corp. · NASDAQ:BIOX
Bioceres Crop Solutions — Q1 2023 Earnings Presentation
23 slides from Bioceres Crop Solutions's earnings presentation, Nov 10, 2022
Slide 1: First Quarter Fiscal 2023
BIOCERES CROP SOLUTIONS FISCAL First Quarter • 02 03 2023 04 FIRST QUARTER 2023 FIRST
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 of an Financial Information Presentation offer to buy, or a recommendation to purchase any equity, assets, business, debt or other financial
Slide 3: Key Business & Financial Highlights
BIOCERES CROP SOLUTIONS Key Business Revenues1 up 71% YoY with adjusted EBITDA almost doubling for the period & Financial Highlights Pro Farm merger completed on July 12th 02 03 04 HB4 wheat harvest and HB4 soy planting ongoing 05 Announced long-term commercial and R&D agreement with Syngenta Seedca
Slide 4: Revenue Expansion for seven consecutive quarters
BIOCERES CROP SOLUTIONS Revenue Expansion Quarterly YoY growth in comparable revenues (%) for seven consecutive 89% quarters 71% 71% 03 04 05 54% 06 44% 39% 35% FIRST QUARTER 2023 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q231 Notes: 1. Growth for 1Q23 is against pro forma financials that include Pro Farm.
Slide 5: Pro Farm Integration
BIOCERES CROP SOLUTIONS Pro Farm Integration Specification Bioceres Pro Farm Combined Portfolio Portfolio combination allows us to replace or Bio-insecticides significantly reduce the 04 use of synthetic Bio-fungicides 05 chemicals in most Bio-nematicides 06 functions required in high productivity a
Slide 6: HB4 Wheat Update
BIOCERES CROP SOLUTIONS HB4 Wheat Update Extreme Drought Scenario in Argentina The combination of water deficit and frost have already caused severe damage to crops in most areas 05 Wheat production in Argentina is estimated at 13.7 MT; a 40% decrease compared to last season (23 MT) 06 07 No data fo
Slide 7: HB4 Wheat Update
BIOCERES CROP SOLUTIONS HB4 Wheat Isogenic Line 2nd Gen Variety Update Phenotypic advantage for HB4 lines compared 06 to non-HB4 isolines are 07 evident in many fields. However, in fields where 10 the weather conditions 11 were too severe, no differences are observed FIRST QUARTER 2023
Slide 8: HB4 Soy Update
BIOCERES CROP SOLUTIONS Update HB4 Soy Early season plantings at > 2x YoY Two varieties being multiplied with 11 farmers in Brazil. Multiplication would enable launch with multipliers for FY24 07 08 Collaboration with Grupo Don Mario (GDM) moving forward. Access to seed multipliers expected for FY24
Slide 9: Biologicals Penetration in the Global Ag-Input Market
BIOCERES CROP SOLUTIONS Biologicals Penetration in the Global Ag-Input Market Global Ag Inputs Market Estimated at $450B in 2022 Biologicals seed treatment market projected growth ($ Billion) 1-3% Biologicals +10% CAGR 100% Biologicals 08 1.6 09 SEEDS 1-3% Biologicals 10 1.1 0.6 11 CROP PROTECTION 0
Slide 10: Main Highlights of Collaboration Agreement with Syngenta Seedcare
BIOCERES CROP SOLUTIONS Main Highlights of Collaboration Agreement with Syngenta Seedcare $50M upfront fee in exchange for rights granted under the agreement Securing Revenues in a Fast Growing Market 09 Global minimum targets for profits guaranteed. Average of 10 $23M on a yearly basis during the l
Slide 11: Outside Scope of Agreement
BIOCERES CROP SOLUTIONS Outside Scope of Agreement Pro Farm´s biocontrol and biostimulation portfolio 10 11 Global rights for seed treatment for HB4 crops 12 13 Over the top applications and certain rights in the U.S. on a non-exclusive basis FIRST QUARTER 2023
Slide 12: Functional Currency Change
BIOCERES CROP SOLUTIONS Functional Currency Functional currency change to USD in Argentine entities starting in FY23 and prospectively. Change Pro Farm merger and subsequent business integration, triggers adoption of USD as the functional currency in main Argentine subsidiaries whose operations are
Slide 13: 1Q23 Total Revenues
BIOCERES CROP SOLUTIONS 1Q23 Total Revenues1 +71% 127.1 115.1 113.4 12 103.5 101.1 13 14 80.0 76.6 74.5 15 70.6 No longer using “comparable” metrics FIRST QUARTER 2023 1Q22 2Q22 3Q22 4Q22 1Q23 As reported Comparable New Functional Currency Notes: 1. Numbers presented for FY22 are pro forma comparabl
Slide 14: 1Q23 Revenue by Segment
BIOCERES CROP SOLUTIONS 1Q23 ($ Million) 1Q22 Pro forma1 1Q23 Revenue by Segment 50.3 24.8 +103% 127.1 63.0 74.5 41.0 +54% 13 14 8.7 15 13.8 16 +59% Reporting Segment Crop Protection Seed & Integrated Products Crop Nutrition FIRST QUARTER 2023 Includes former crop Includes former crop protection pro
Slide 15: 1Q23 Gross Profit Contribution by Segment
BIOCERES CROP SOLUTIONS 1Q23 +52% YoY Gross Profit ($ Million) Contribution 11.6 51.4 by Segment 3.1 2.8 33.9 14 85% 52% 15 21% 16 17 FIRST QUARTER 2023 1Q22 Crop Seed and Crop 1Q23 Pro forma1 Protection Integrated Nutrition Products % Gross Margin 46% 28% 60% 50% 40% Notes: 1 Financials presented f
Slide 16: 1Q23 Adjusted EBITDA
BIOCERES CROP SOLUTIONS 1Q23 Adjusted EBITDA ($ Million) 98% YoY increase reflects strong 22.4 (13.0) operational performance Uneven comparison with 1Q22 15 1.6 1.1 EBITDA as the former was 16 24.5 negatively impacted by IAS 29 17 accounting adjustments 18 Operating expenses higher than 12.4 expecte
Slide 17: 1Q23 Adjusted EBITDA by Business Line
BIOCERES CROP SOLUTIONS 1Q23 Adjusted EBITDA by Business line ($ Million) 0.9 Baseline business delivering (4.9) healthy profitability 16.0 24.5 HB4 ramp-up costs, lower than 16 previous year, but still running 17 ahead of revenues in preparation for full commercial launch 18 19 12.4 Pro Farm busine
Slide 18: Balance Sheet & Cash Position
BIOCERES CROP SOLUTIONS Balance Sheet & Cash Position Net Debt • 2.74x 2.78x Adj. EBITDA Completed previously announced $5M share buy-back program ($ Million) 227.9 153.1 • $50M upfront payment from 17 179.5 Syngenta agreement received on 18 October 6th, 2022 112.8 19 20 101.3 Current Debt 74.7 Non-
Slide 19: Looking Forward to FY23
BIOCERES CROP SOLUTIONS Looking Forward to FY23 Sustainable double-digit growth in core business YoY, despite record FY22 and volatility due to weather conditions in LatAm Complete reorganization of Pro Farm business unit and R&D capabilities 18 Reduce Pro Farm´s reported FY22 EBITDA of -$14.6M, to
Slide 20: Exhibits
BIOCERES CROP SOLUTIONS 19 Exhibits 20 21 22
Slide 21: Unaudited Consolidated Statement of Comprehensive Income
BIOCERES CROP SOLUTIONS Unaudited Consolidated Statement of Comprehensive Income Three-month period Three-month period ended 09/30/2022 ended 09/30/2021 Total revenue 127,105,318 66,906,245 Cost of sales (75,675,878) (37,882,453) Gross profit 51,429,440 29,023,792 % Gross profit 40% 43% Operating ex
Slide 22: Unaudited Consolidated Statement of Financial Position
BIOCERES CROP SOLUTIONS Unaudited Consolidated Statement of Financial Position ASSETS 09/30/2022 06/30/2022 LIABILITIES 09/30/2022 06/30/2022 CURRENT ASSETS CURRENT LIABILITIES Cash and cash equivalents 47,387,568 33,475,266 Trade and other payables 138,810,191 125,849,620 3,930,613 5,401,133 Borrow
Slide 23: Contact Us
BIOCERES CROP SOLUTIONS Contact Us Investor Relations Investorrelations@biocerescrops.com Investors.biocerescrops.com
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