Brasilagro Cia Brasileira De Propriedades Agricolas · BMFBOVESPA:AGRO3
Brasilagro Cia Brasileira De Propriedades Agricolas — Brasilagro Brazilian Agric Real Estate Co Sponsored ADR (Brazil) — Q4 2023 Earnings Presentation
19 slides from Brasilagro Cia Brasileira De Propriedades Agricolas's earnings presentation, Sep 6, 2023
Slide 1: Results Presentation 4Q23 | 2023
4Q23|2023 September/2023 RESULTS PRESENTATION André Guillaumon Gustavo Lopez Ana Paula Zerbinati CEO CFO & IRO IR and Capital Market Head
Slide 2: Highlights 2023
HIGHLIGHTS 2023 Financial Operational R$1.4 billion 2.3 million tons of of net revenue production in the 22/23 harvest. R$268.5 million net income Real Estate We sold over 9 thousand R$533.7 million arable hectares in areas Adjusted EBITDA totaling R$610 million. 2
Slide 3: Farm Sale
FARM SALE Morotí Rio do Meio Jatobá Araucária Araucária Farm Farm Farm Farm Farm Nov/2022 Nov/2022 Jun/2023 Apr/2023 Apr/2023 Area: Area: Area: Area: Area: 863 ha (498 arable ha) 1.965 ha (1.423 arable ha) 4.408 ha (3.202 arable ha) 332 ha (215 arable ha) 5.185 ha (3.796 arable ha) Sale value: Sale
Slide 4: Portfolio
PORTFOLIO 4 Portfolio Market Value Evolution of Portfolio Market Value June 30, 2023 (R$ thousand) Book NAV +26% 3.444 3.560 BrasilAgro's Equity 2.197.142 2.197.142 897 2.816 Properties appraisal¹ 2.867.834 269 Farm Acquisiton (-) Balance Sheet - Land Value (Investment Properties) (1.252.712) NAV -
Slide 5: Investments
INVESTMENTS Connectivity Project Field Monitoring Connectivity Project TECHNOLOGY Seeding Seeding Project Irrigation Project Construction INFRASTRUCTURE Bahia Mato Grosso Area Transformation AREA 3.800 ha 7.900 ha TRANSFORMATION per region 5
Slide 6: 2022/2023 Harvest Year
2022/2023 Harvest Year Planted area (thousand hectares) Estimated Planted Area 23/24 Crop 185,691 hectares Culture Breakdown Land Ownership 185,6 17% 168,9 168,7 4% 39% 38% 10% 54% 8% 16% 2% 12% Soybean Corn and Corn 2nd Crop Bean 2nd Crop Sugarcane Operated by BrasilAgro 21/22 Harvest 22/23 Harvest
Slide 7: 2022/2023 Harvest Year: Production
2022/2023 HARVEST YEAR Production (thousand tons) Grains and Cotton Production per product 22/23 Harvest 22/23 Harvest Change 23/24 Harvest Change (tons) Estimated Realized (%) Estimated (%) Grain and cotton production was 9% lower than estimates Soybean 218.609 204.606 -6% 248.471 21% due to weathe
Slide 8: Sugarcane and Cattle Raising
2022/2023 HARVEST YEAR Production Harvest Area TCH (tons) (hectares) Sugarcane 78,10 84,27 2.121.691 24.857 25.178 1.941.421 2022 Harvest 2023 Harvest 2022 Harvest 2023 Harvest 2022 Harvest 2023 Harvest Realized Estimated Realized Estimated Realized Estimated Pasture ADG Cattle Heads (hectares) (kg)
Slide 9: Hedge Position
HEDGE POSITION As of June 30, 2023 Soja FX Safra % de Preço Volume % de Não Volume BRL/USD Realizado hedge(1) (USD/bu) (mil) hedge(2) Realizado 22/23 160.853 ton 99,10% 14,5 USD 72.919 100,00% 5,47 R$ 33.385 - 23/24 54.626 ton 24,57% 12,91 USD 18.000 21,00% 5,51 R$ 1.264 R$ -3.313 Milho FX Safra % d
Slide 10: Scenario: Commodity performance
SCENARIO Commodity performance (Jun/22 - Aug/23) ( R$ / @) ( R$ / 60 Kg) -21,5% -35,3% 189,89 311,2 Soy 149,09 Paranaguá Cattle Raising 201,4 ( R$ / 60 kg) ( R$ / L) -37,8% -25,8% 87,13 3.125,0 Corn Ethanol BM&FBOVESPA Hydrated Futuro B3 54,17 2.320,0 ( R$ / 50 Kg) ((Algodão NY c/lb) 2,5% -36,6% 136
Slide 11: Scenario: Price of inputs
SCENARIO Price of inputs Average Price Status Purchase Fertilizers BrasilAgro: USD/TON. +29% Nitrogenous 23/24 1275 22/23 Harvest: MAP 955,0 BRAZIL 900 Potassium chloride USD/ton 705 23/24 Harvest: 32% 603 530 Phosphates 418 568,99 USD/ton 68% jan-21 jan-22 aug-23 NPK - Formulated USD/TON. +43% Defe
Slide 12: Key Figures
KEY FIGURES (R$ thousand) 4Q23 4Q22 Change 2023 2022 Change Revenues from Operations 257.658 350.737 -27% 903.372 1.168.137 -23% Revenues from Farm Sales 415.855 - n.a. 445.429 316.174 41% Net Sales Revenue 673.513 350.737 92% 1.348.801 1.484.311 -9% Variation in the fair value of biological assets
Slide 13: Key Figures: Gross Income by Culture
KEY FIGURES SOYBEANS CORN BEANS Gross Income by Culture 2022 2023 2022 2023 2022 2023 Quantity sold (tons) 236.127 180.088 116.091 132.610 3.953 3.114 Net Revenue 600.075 419.218 108.692 147.317 11.083 12.483 Unit Price (R$/ton) 2.541 2.328 936 1.111 2.804 4.008 Total Cost (333.052) (332.423) (60.89
Slide 14: Results Operations
RESULTS OPERATIONS EBITDA Breakdown EBITDA Operations (excluding G&A Expenses) Adjusted EBITDA (R$ thousand) 2023 2022 Variação Net Income (77.529) 268.566 n.a. 100% Interest (5.886) 52.860 n.a. Taxes 13.173 117.217 -89% 2023 Depreciations and Amortizations 88.491 82.614 7% Equity pick-up 70 31 n.a.
Slide 15: Indebtedness
INDEBTEDNESS Net Financial Debt Amortization Schedule (R$ thousand) Jun/2023 Jun/2022 Change 92,60% CDI Short Term 198.213 123.411 61% Long Term 356.425 329.630 8% R$709,4 Total Indebtedness 554.638 453.041 22% million (+/-) Derivatives (61.010) (24.421) n.a. Farmland sales receivables (=) Adjusted
Slide 16: Return to Shareholders
Return to Shareholders Dividend Yield 8,6% 6 years average 15,9% 13,3% 20,0% 9,1% 16,0% 601,0 5,3% 5,2% 3,2% 12,0% 520,1 520,0 8,0% 4,0% 501,0 0,0% -4,0% -8,0% 401,0 -12,0% 317,6 320,0 -16,0% -20,0% 301,0 260,0 268,5 -24,0% -28,0% 177,1 -32,0% 201,0 -36,0% 126,3 119,6 -40,0% -44,0% 101,0 41,0 50,0 4
Slide 17: Capital Market
CAPITAL MARKET Price – September 05, 2023 AGRO3 x Ibovespa (base 100 = 06/30/2023) 130 Mkt Cap: R$2.5bi 120 AGRO3: R$24.32 110 100 LND: US$4.95 90 80 70 AGRO3 IBOV 17
Slide 18: Disclaimer
DISCLAIMER Disclaimer The statements contained in this document related to business perspectives, projections on operating and financial results and those related to BrasilAgro's growth prospects are mere projections and, as such, are based exclusively on the board's expectations about the future of
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