Bioceres Crop Solutions Corp. · NASDAQ:BIOX
Bioceres Crop Solutions — Q4 2023 Earnings Presentation
21 slides from Bioceres Crop Solutions's earnings presentation, Sep 11, 2023
Slide 1: Fourth Quarter & Full-Year 2023
BIOCERES CROP SOLUTIONS FISCAL Fourth Quarter & Full-Year 2023 FOURTH QUARTER 2023
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 Financial Information Presentation of an offer to buy, or a recommendation to purchase any equity, assets, business, debt or other financial
Slide 3: Business & Financial Highlights
BIOCERES CROP SOLUTIONS Key FY23 revenues at $419.8 million, a 25% increase compared to the previous year. Adjusted EBITDA at $81.1 million, a 31% YoY increase1 Business & 4Q23 revenues almost flat compared to the previous year and down 9% on a pro forma basis, affected by a delayed transition into
Slide 4: Double digit growth in FY23 after record FY22
BIOCERES CROP SOLUTIONS FY23 Double digit growth in FY23 Performance after record FY22 Reported Revenues Adjusted EBITDA ($ Million) ($ Million) 03 +25% +31% 04 419.8 81.1 05 +60% +24% 06 61.91 334.8 49.91 209.5 FOURTH QUARTER 2023 FY21 FY22 FY23 FY21 FY22 FY23 Notes: 1. FY21 and FY22 Adj. EBITDA ex
Slide 5: Revenue Evolution
BIOCERES CROP SOLUTIONS Revenue +25% Evolution ($ Million) +12% 13.6 50.6 419.8 04 (10.3) (9.1) 05 06 07 375.1 -1% 334.8 -9% FOURTH QUARTER 2023 105.7 115.0 104.7 BIOX historical financials Pro Forma financials 4Q22 4Q23 FY22 1Q 2Q 3Q 4Q FY23
Slide 6: Revenue by Segment
BIOCERES CROP SOLUTIONS 4Q22 Pro forma1 4Q23 Revenue by Segment ($ Million) 38.8 36.1 +7% 115.0 57.1 104.7 45.1 -21% -9% 21.7 20.8 05 -4% 06 07 08 FY22 Pro forma1 FY23 ($ Million) 157.3 +35% 116.7 Crop Protection 419.8 FOURTH QUARTER 2023 Seed & Integrated Products 375.1 207.1 +12% 205.8 -1% Crop Nu
Slide 7: Gross Profit Evolution
BIOCERES CROP SOLUTIONS +46% Gross Profit Evolution ($ Million) +24% 27.9 (0.6) 184.6 06 07 16.4 149.4 08 (8.5) 09 126.4 +11% -1% FOURTH QUARTER 2023 36.4 41.0 40.5 BIOX standalone financials 4Q22 4Q23 FY22 1Q 2Q 3Q 4Q FY23 Pro Forma financials
Slide 8: Gross Profit by Segment
BIOCERES CROP SOLUTIONS 4Q22 Pro forma1 4Q23 Gross Profit by Segment ($ Million) 20.4 13.6 +51% 41.0 14.6 40.5 14.3 -2% -1% 07 12.8 5.7 -56% 08 09 10 FY22 Pro forma1 FY23 ($ Million) 90.4 +73% 52.2 184.6 FOURTH QUARTER 2023 Crop Protection 149.4 67.8 +24% 68.6 1% Seed & Integrated Products Crop Nutr
Slide 9: 4Q23 Adjusted EBITDA
BIOCERES CROP SOLUTIONS 4Q23 Adjusted EBITDA ($ Million) 1.7 (0.5) (2.1) (0.6) 08 11.8 Despite a relatively flat Gross 09 Profit performance, and an 10.4 improvement in SG&A expenses, 10 other expenses in the quarter 11 resulted in a slight year-over-year EBITDA decline FOURTH QUARTER 2023 Pro forma
Slide 10: FY23 Adjusted EBITDA
BIOCERES CROP SOLUTIONS FY23 Adjusted EBITDA ($ Million) +80% +31% 35.2 0.3 0.1 0.4 Adjusted EBITDA improved by 31% 09 compared to FY22 Baseline Business 81.1 Adjusted EBITDA, and 80% compared to 10 the reported pro forma metric 11 61.9 12 Improvement from baseline business metric primarily driven b
Slide 11: Pro Farm Integration Achievements
BIOCERES CROP SOLUTIONS Pro Farm Integration Achievements 12 months post-merger Reorganization of commercial teams into northern and southern hemisphere 10 11 Integration of R&D teams and refocusing of research priorities 12 13 Pro Farm assets achieved positive EBITDA contribution during the quarter
Slide 12: Balance Sheet & Cash Position
BIOCERES CROP SOLUTIONS Balance Sheet & Cash Position Net Debt Improvement in Net debt-to-LTM 2.33x 2.25x Adj. EBITDA adjusted EBITDA ratio from 2.33x in 4Q22 to 2.25x in 4Q23, driven by the 244.8 increase in FY23 adjusted EBITDA ($ Million) compared to FY22 numbers 11 135.9 12 13 158.0 14 86.7 108.
Slide 13: HB4 Wheat Advances Through Conventional Channel
BIOCERES CROP SOLUTIONS HB4 Wheat Advances Through Conventional Channel 28% increase in HB4 sales in 4Q23 reaching $15.8M 12 Identity-preserved HB4 Program kept steady at 50,000 hectares, 13 minimizing working capital needs 14 Seed inventory production 15 Number of existing multipliers/distributors
Slide 14: HB4 Soy Varieties vs Top Commercial Materials
BIOCERES CROP SOLUTIONS HB4 Soy HB4 Varieties vs Top Commercial Materials Average trials in four locations in Brazil HB4 Soy advancing favorably with initial 4,093 kg/ha varieties equal or better to 3.649 3,731 kg/ha 3,635 kg/ha kg/ha top commercial materials 13 14 15 70% of the 10,000 hectares targ
Slide 15: HB4 Regulatory Update
BIOCERES CROP SOLUTIONS HB4 FY23 Approvals Until FY21 FY22 FY23 Regulatory Argentina China ¹ South Africa ¹ Update Soy Brazil Indonesia ³ ~85% USA GLOBAL PRODUCTION Paraguay AREA COVERED 14 Canada 15 16 17 Argentina Brazil ¹ Brazil Wheat Full Approval ~90% Colombia ¹ Paraguay Australia ² South Afric
Slide 16: Expanded Corteva Partnership in Seed-applied Technologies for the EU
BIOCERES CROP SOLUTIONS Expanded Corteva Partnership in Seed-applied Technologies for the EU Agreement with Corteva Agriscience to advance the availability of biologicals in Europe 15 UBP Platform EXISTING PARTNERSHIP MBI-306 Platform NEW PARTNERSHIP 16 17 18 Biostimulant that improves conditions to
Slide 17: Looking Ahead: Multiple Growth Levers
BIOCERES CROP SOLUTIONS Looking Ahead Multiple Growth Levers to Support Strong Growth Going Forward Pro Farm topline growth, expanding Return from historical drought current portfolio of biostimulants conditions in Argentina, with and launching MBI-306 in the US resumed growth in major categories an
Slide 18: Exhibits
BIOCERES CROP SOLUTIONS Exhibits FOURTH QUARTER 2023
Slide 19: Unaudited Consolidated Statement of Comprehensive Income
BIOCERES CROP SOLUTIONS Unaudited Consolidated Statement of Comprehensive Income Three-month period Three-month period Fiscal year Fiscal year ended 06/30/2023 ended 06/30/2022 ended 06/30/2023 ended 06/30/2022 Total revenue 104.7 105.7 419.8 334.8 Cost of sales (64.2) (69.3) (235.2) (208.4) Gross p
Slide 20: Unaudited Consolidated Statement of Financial Position
BIOCERES CROP SOLUTIONS Unaudited Consolidated Statement of Financial Position ASSETS 06/30/2023 06/30/2022 LIABILITIES 06/30/2023 06/30/2022 CURRENT ASSETS CURRENT LIABILITIES Trade and other payables 145.0 125.8 Cash and cash equivalents 48.0 33.5 Borrowings 108.9 71.3 Other financial assets 14.2
Slide 21: Contact Us
BIOCERES CROP SOLUTIONS Contact Us Investor Relations Investorrelations@biocerescrops.com Investors.biocerescrops.com FOURTH QUARTER 2023
Bioceres Crop Solutions — Q4 2023 Earnings Presentation on 6ix