Brasilagro Cia Brasileira De Propriedades Agricolas · BMFBOVESPA:AGRO3
Brasilagro Cia Brasileira De Propriedades Agricolas — Brasilagro Brazilian Agric Real Estate Co Sponsored ADR (Brazil) — Q1 2020 Earnings Presentation
18 slides from Brasilagro Cia Brasileira De Propriedades Agricolas's earnings presentation, Nov 8, 2019
Slide 1: Conference Call 1Q20
brasilagroY CONFERENCE CALL 1Q20
Slide 2: Highlights
HIGHLIGHTS R$185.0 million R$28.7 million Net Revenue Farm sales R$40.6 million Distribution of R$50.0 million Net Income in dividends or R$0.93 per share R$57.4 milhões Adjusted EBITDA 2
Slide 3: Farm Sales
FARM SALES 1,219 R$28.7 IRRs 14.7% and hectares million 21.4% Sale of Property Alto Taquari Farm² Jatobá Farm Date of Sale October/19 September/19 Location Alto Taquari - MT Jaborandi - BA Area (hectares) Total: 85 / Arable: 65 Total: 1,134 / Arable: 893 Acquisition Value + CAPEX R$1.2 MM R$1.7 MM 1
Slide 4: 2019/2020 Harvest Year: Planted Area
2019/2020 HARVEST YEAR Planted area ▪ +2,000 new hectares 135,0 ▪ +7,500 ha of second 123 corn crop ▪ -14,200 ha sold 51,8 54 31,8 31 17,8 17 16,9 15 11,3 3,7 4 1,6 2 Soybean Corn 1st crop Corn 2nd crop Sugarcane Pasture Cotton Others Total Crop 18/19 Crop 19/20* *estimated 4
Slide 5: 2019/2020 Harvest Year: Grains and Cotton
2019/2020 HARVEST YEAR Grains and Cotton +27.7% 298,054 tons Soybean Corn 1st Corn 2nd Cotton (‘000 ton) (‘000 ton) (‘000 ton) (‘000 ton) 158,6 8,2 29,8 101,5 154,5 15,8 4,9 58,4 Crop 18/19 Crop 19/20* Crop 18/19 Crop 19/20* Crop 18/19 Crop 19/20* Crop 18/19 Crop 19/20* *estimated 5
Slide 6: 2019/2020 Harvest Year: Cattle Raising
2019/2020 HARVEST YEAR Cattle raising Pasture Area Number of Heads ADG (hectare) (kg) 13.721 21.456 0,53 13.351 20.865 0,47 Crop 18/19 Crop 19/20* Crop 18/19 Crop 19/20* Crop 18/19 Crop 19/20* *estimated 6
Slide 7: 2019 Crop: Sugarcane
2019 Crop Sugarcane Harvested Area Productivity Total Recoverable Sugar (hectares) (ton/ha) (kg/ton) 26.510 85,23 142 141 19.924 81,67 2019 Harvest 2019 Harvest 2019 Harvest 2019 Harvest 2019 Harvest 2019 Harvest Estimated Realized Estimated Realized Estimated Realized (Apr/01 to Nov/30) (Apr/01 to
Slide 8: Hedge Position as of October 31st, 2019
HEDGE POSITION AS OF October 31 st, 2019 Soybean FX Harvest Volume % of hedge(1) Price (USD/bu) Volume (thousand) % of hedge(2) BRL/USD 19/20 64,821 ton 43,6% 9,63 USD 30,043 56,8% 4,04 (1) % of the volume of soybean locked in tons. (2) % of estimated revenue in USD. 19/20 Soybean Price 19/20 Soybea
Slide 9: EBITDA and Adjusted EBITDA
EBITDA AND ADJUSTED EBITDA EBITDA (R$ thousand) 1Q20 1Q19 Change Net Income 40,576 136,637 -70.3% Interest (1,235) (18,689) -93.4% Taxes 8,649 13,317 -35.1% Depreciations and amortizations 11,972 11,624 3.0% EBITDA 59,962 142,889 -58.0% Adjusted EBITDA (R$ thousand) 1Q20 1Q19 Change Net Income 40,57
Slide 10: Operations Results
OPERATIONS RESULTS EBITDA of Operations Breakdown EBITDA of Operations (excluding farm sale) (excluding G&A Expenses) Adjusted EBITDA (R$ thousand) 1Q20 1Q19 Change Net Income excluding farm sale 24,004 35,843 -33.0% 1Q20 Interest n.a. (1,235) (18,689) Taxes 7,787 8,788 -11.4% Adjusted Depreciation
Slide 11: Income Statement
INCOME STATEMENT (R$ thousand) 1Q20 1Q19 Change Revenues from Farm Sales 18,974 123,335 -85% Revenues from grains 61,744 42,569 45% Revenues from cotton 5,260 - n.a. Revenues from sugarcane 91,937 75,687 21% Revenues from cattle raising 6,263 2,000 213% Revenues from leasing 2,603 1,566 66% Other re
Slide 12: Income Statement / IFRS Impacts
INCOME STATEMENT IFRS 16 Impatcts Assets (R$ thousand) 09/30/2019 06/30/2019 Change Liabilities (R$ thousand) 09/30/2019 06/30/2019 Change Current liabilities Current assets Trade accounts payable and other obligations 98,955 98,070 1% Cash and Cash equivalents 112,461 106,627 5% Loans and financing
Slide 13: Indebtedness
INDEBTEDNESS Net Financial Debt Amortization Schedule (R$ thousand) 09/30/2019 06/30/2019 Variação Short Term 115,085 76,608 50.2% Average Cost of Debt Long Term 142,350 209,245 -32.0% 6.2% Others 42,763 68,483 -37.6% ARC 99,587 140,762 -29.3% Total Indebtedness 257,435 285,853 -9.9% (+/-) Derivativ
Slide 14: Dividends 18/19
14 DIVIDENDS 18/19 R$50.0 million Yield of 5.6% R$0.93 per share Payment will be in November 14th. 14
Slide 15: Net Asset Value - NAV
NET ASSET VALUE - NAV 09/30/2019 (R$ mil) Book NAV BrasilAgro's Equity 938,852 938,852 Properties appraisal - 1,471,248 NAV (-) Balance Sheet - Land Value (Investment Properties) - (564,467) NAV - Net Asset Value 938,852 1,845,633 Shares 56,889 56,889 NAV per share 16.50 32.44 R$ 1,8 bi R$32,44/shar
Slide 16: Capital Markets
CAPITAL MARKETS AGRO3 x Ibovespa (base 100 = 06/28/2019) Price – November 6th 2019 AGRO3: R$16.85 LND: US$4.20 AGRO3 Ibovespa 16
Slide 17: Disclaimer – Forward-looking statements
Disclaimer – Forward-looking statements Forward-looking statements are based on the beliefs and assumptions of BrasilAgro management and on information currently available to the company. They involve risks and uncertainties because they relate to future events and therefore depend on circumstances
Slide 18: Slide 18