Sao Martinho S.a. · BMFBOVESPA:SMTO3
Sao Martinho — 1Q24 Earnings Presentation
11 slides from Sao Martinho's earnings presentation, Aug 15, 2023
Slide 1: 1st Quarter Results 2023/2024 Crop Year
1st Quarter Results 2023/2024 Crop Year AUGUST 15th, 2023
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 th
Slide 3: Agenda
AGENDA 1 Operational Highlights 2 Financial Highlights 3 Cash Cost – S&E 4 Ethanol Market 5 Ethanol Competitiveness 6 Sugar Hedge 7 Corn Mill Operation 3
Slide 4: Operational Highlights
OPERATIONAL HIGHLIGHTS Productivity Recovery: ∆ 3M24 3M23 • TCH 15,8% higher on 1T24; 3M24/3M23 Operational Data Agricultural - Sugarcane Sugar Cane Processed: Crushed Sugarcane (‘000 tons) 7,595.1 7,810.6 -2.8% Own 5,009.1 5,210.0 -3.9% • Crushing (1T24) in line with Third Parties 2,586.0 2,600.6 -
Slide 5: Financial Highlights
FINANCIAL HIGHLIGHTS ∆ 1Q24 1Q23 1Q24/1Q23 Net Revenue¹ 1,353,309 1,707,416 -20.7% Adjusted EBITDA 557,261 875,694 -36.4% Adjusted EBITDA Margin 41.2% 51.3% -10.1 p.p Adjusted EBIT 215,578 464,016 -53.5% Adjusted EBIT Margin 15.9% 27.2% -11.2 p.p Adjustments on EBIT 4,690 (242,437) -101.9% Net Incom
Slide 6: Cash Cost: Sugar and Ethanol
CASH COST: SUGAR AND ETHANOL Cost Evolution Cash Cost Composition¹ Payroll 19% Sugar (R$/ton) - +19.7% +3,7% Diesel + Selling 1,956 12% 1,942 1,885 1,622 Fertilizers + Cane Defensives 1Q23 12M23 12M24e 35% 12% 1T23 1Q24 1T24 G&A 5% Ethanol (R$/m3) Others 17% +11,1% -11.0% 2,845 2,713 2,561 2,414 Mai
Slide 7: Ethanol Market
ETHANOL MARKET HYDROUS ETHANOL PRICE– CEPEA/ESALQ SP (R$/m³) Obs: no selling expenses, ICMS or PIS/Cofins Δ -26.0% ICMS (Ad rem) PPI and Price Crop Cut PB Delay 23/24 PIS/COFINS and Price Cut PB Price cut PB 3.092 2.809 2.802 2.766 2.690 2.713 2.694 2.683 2.648 2.590 2.571 2.546 2.535 2.462 2.240 2.
Slide 8: Ethanol Competitiveness
ETHANOL COMPETITIVENESS Gasoline A Prices Aggregated Impact January Tax July August Summary of the 2023 Variations 2023 2023 4 reductions since january/2023 Taxes & Prices | São Paulo Impacts Preice rise of R$ 0,41 in august/15 Gasoline A (input) - 73% 2,36 2,36 (0,52) 1,84 +0,30 2,14 Jan/23 to July
Slide 9: Sugar Hedge
SUGAR HEDGE SUGAR – 1T24 (ACTUAL - R$/TON) SUPPLY AND DEMAND (MM TON; DATAGRO 08/23) PRODUCTION ESTIMATES 23/24 Price 2.310 1.5 (MM TON | YOY%) 0.3 BRAZIL 43.10 | +16% Own Cane 2.292 -0.4 -0.6 INDIA 31.00 | -7% -3.1 TAILAND 10.02 | -9% Consecana 2.391 -6.2 18/19 19/20 20/21 21/22 22/23 23/24E + 9,1%
Slide 10: Corn Operation
CORN OPERATION Estimated Production Operational Data 1,199 1,200 1,146 1,080 Corn inputs 420.000 100% 74.6 tons purchased R$/Sc 32,393 35,533 35,970 37,204 Apr-23 May-23 Jun-23 Jul-23 2023/241 Ethanol DDGS Total Crushing Moagem Milho Daily Crushing Moagem Diaria 160,000 m³ 134,000 tons Key Takeaways
Slide 11: Investor Relations
INVESTOR RELATIONS +55 11 2105-4100 ri@saomartinho.com.br www.saomartinho.com.br/ri www.saomartinho.com.br