Sao Martinho S.a. · BMFBOVESPA:SMTO3
Sao Martinho — 4Q23 Earnings Presentation
11 slides from Sao Martinho's earnings presentation, Jun 20, 2023
Slide 1: 4th Quarter Results 2022/2023 Crop Year
4th Quarter Results 2022/2023 Crop Year June 20, 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 Financial Highlights 2 Cash Cost 3 Hedge 4 Indebtedness 5 Ethanol Market 6 Guidance 3
Slide 4: Financial Highlights
FINANCIAL HIGHLIGHTS ∆ 4Q23 4Q22 12M23 12M22 ∆ 12M23/12M22 4Q23/4Q22 Net Revenue¹ 1,816,720 1,486,287 22.2% 6,643,463 5,764,670 15.2% Adjusted EBITDA 917,140 770,756 19.0% 3,355,541 3,141,952 6.8% Adjusted EBITDA Margin 50.5% 51.9% -1.4 p.p 50.5% 54.5% -4.0 p.p Adjusted EBIT 462,819 404,532 14.4% 1,
Slide 5: Cash Cost
CASH CASHCOST COST Sugar Main Impacts (BRL/ton) +68% (BRL/Kg TRS) Consecana 1.18 1.17 0.78 1,867 1,576 +50% 1,110 (BRL/liter) 12M21 12M22 12M23 Diesel 4.78 3.28 2.27 Ethanol +105% +65% (INPC) (BRL/m3) MDO 3,942 (NPK; BRL/ton) 3,329 2,735 Fertilizers 2,339 1,859 1,654 +110% 12M21 12M22 12M23 12M21 12
Slide 6: Hedge
HEDGE SUGAR – 12M23 (ACTUAL - BRL/TON) HEDGE POSITION - MAR/23 Price 2,168 Sugar hedged Avg. Price Avg. Price Own Cane 2,159 (tons) (USD c/p) (BRL/ton) Consecana 2,194 23/24 Harvest 712,760 19.32 498,284 19.32 2,391 214,476 19.32 not hedged + 11.2% CORN PURCHASE - MAR/23 SUGAR – Own Cane (HEDGE+MtM
Slide 7: Indebtedness
INDEBTEDNESS (INCLUDES SWAP CONTRACTS CURRENCY – NET DEBT Mar/23 Mar/22 Chg.% USD Gross Debt 6,623,883 5,892,017 12.4% 10% Cash and Cash Equivalents 3,116,778 2,984,141 4.4% Net Debt 3,507,105 2,907,876 20.6% Net Debt / LTM EBITDA - BRL 1.05 x 0.93 x 12.9% Net Debt / LTM EBITDA - USD¹ 1.06 x 0.94 x
Slide 8: Ethanol Market
ETHANOL MARKET ETHANOL PRICES – CEPEA/ESALQ SP (BRL/m³) Prices PB: -14.0% ICMS (Ad rem) 3,092 PPI and Price Cut PB Crop 2,962 Delay 23/24 PIS/COFINS and Price Cut PB Price cut PB 2,895 2,809 2,802 2,755 2,707 2,766 2,690 2,698 2,694 2,683 2,648 2,637 2,560 2,571 2,546 2,462 4-Jan 18-Jan 1-Feb 15-Feb
Slide 9: Production Guidance
PRODUCTION GUIDANCE Production: Guidance Actual Var. (%) • El Niño’s impact on crushing 12M24 12M23 Operational Data • Ramp-up of the Corn Plant TRS Produced ('000 tons) 3,329.8 2,803.5 18.8% Agricultural - Sugarcane Crushed Sugarcane (‘000 tons) 21,500.0 20,024.1 7.4% Average TRS (kg/ton) 141.9 140
Slide 10: Capex Guidance
CAPEX GUIDANCE -R$ 340 MM -R$ 47 MM Total Capex 23/24: ~BRL 2.5 bi 34 2,858 109 265 135 29 211 Normalized Capex 23/24: 2,518 2,471 ~BRL 2.1 bi Carry-Over ~BRL 400 MM: • Postponed planting due to rainfall in last quarter • Project’s payment schedule Atualizado nov/2 2 Capex de Manutenção(+) Melhoria
Slide 11: Investor Relations
INVESTOR RELATIONS +55 11 2105-4100 ri@saomartinho.com.br www.saomartinho.com.br/ri