Brasilagro Cia Brasileira De Propriedades Agricolas · BMFBOVESPA:AGRO3
Brasilagro Cia Brasileira De Propriedades Agricolas — Brasilagro Brazilian Agric Real Estate Co Sponsored ADR (Brazil) — Q2 2020 Earnings Presentation
17 slides from Brasilagro Cia Brasileira De Propriedades Agricolas's earnings presentation, Feb 4, 2020
Slide 1: Conference Call 2Q20
CONFERENCE CALL 2Q20 brasilagroY
Slide 2: Highlights
HIGHLIGHTS Merger of Agrifirma R$271.9 million Finished grains and cotton planting Net Revenue 63,400 hectares of 19/20 harvest year R$61.0 million Net Income Production of 2.2 million tons R$70.7 million of sugarcane in 2019 crop Adjusted EBITDA 2
Slide 3: Merger of Agrifirma
MERGER OF AGRIFIRMA Rio do Meio Chaparral • 28,930 hectares (total area), suitable for grains and cattle raising • synergy and scale gains in Bahia cluster operations Jatobá • dilution of general and administrative Arrojadinho expenses • The merger was made upon exchange of shares - NAV x NAV: R$31.
Slide 4: Merger of Agrifirma
MERGER OF AGRIFIRMA BrasilAgro Merger of BrasilAgro (Before Merger) Agrifirma (After Merger) Portfolio (hectares) 185,147 28,930 214,077 Independent Appraisal (R$’000) 1,337,282 205,616 1,542,898 Share Capital(R$) 584,224,000 115,586,577 699,810,577 5,215,385 shares issued 62,104,301 Number of Share
Slide 5: 2019/2020 Harvest Year
2019/2020 HARVEST YEAR Planted area 151,2 135,0 Planting Status 100% 100% Fev/20 100% 100% 100% 100% Harvest Status 12% 51,8 54,2 31,8 30,1 23,6 17,4 17,8 16,8 16,9 11,3 3,7 7,4 1,6 1,7 Soybean Corn 1st crop Corn 2nd crop Sugarcane Pasture Cotton Others Crop 18/19 Crop 19/20 5
Slide 6: 2019 Crop: Sugarcane
2019 Crop Sugarcane Harvested Area Productivity Total Recoverable Sugar (hectares) (ton/ha) (kg/ton) 26.510 83,30 26.075 142 141 81,67 2019 Harvest 2019 Harvest 2019 Harvest 2019 Harvest 2019 Harvest 2019 Harvest Estimated Realized Estimated Realized Estimated Realized (Apr/01 to Nov/30) (Apr/01 to
Slide 7: 2019/2020 Harvest Year: Cattle raising
2019/2020 HARVEST YEAR Cattle raising Pasture Area Number of Heads ADG (hectare) (kg) 21.456 13.721 13.721 0,47 20.735 0,40 Crop 19/20 Crop 19/20 Crop 19/20 Crop 19/20 Crop 19/20 Crop 19/20 estimated realized estimated realized estimated realized 7
Slide 8: Hedge Position as of January 27th, 2020
HEDGE POSITION AS OF JANUARY 27 th, 2020 Soybean FX Harvest Volume % of hedge(1) Price (USD/bu) Volume (thousand) % of hedge(2) BRL/USD 19/20 122,621 ton 89.4% 9.59 USD 48,486 100% 4.12 (1) % of the volume of soybean locked in tons. (2) % of estimated revenue in USD. Corn FX Harvest Volume % of hedg
Slide 9: EBITDA and Adjusted EBITDA
EBITDA AND ADJUSTED EBITDA EBITDA (R$ thousand) 2Q20 2Q19 Change 6M20 6M19 Change Net Income 20.402 -513 n.a. 60.978 136.124 -55,2% Interest n.a. 9.620 n.a. 10.855 14.563 (4.126) Taxes 11.048 10.813 2,2% 19.697 24.130 -18,4% Depreciations and amortizations 5.851 8.137 -28,1% 17.823 19.761 -9,8% EBIT
Slide 10: Operations Results
OPERATIONS RESULTS EBITDA of Operations Breakdown EBITDA of Operations (excluding farm sale) (excluding G&A Expenses) Adjusted EBITDA (R$ thousand) 6M20 6M19 Change Net Income excluding farm sale 40.282 29.862 34,9% 6M20 Interest 9.620 n.a. (4.126) Taxes 19.697 24.130 -18,4% Adjusted Depreciation 17
Slide 11: Income Statement
INCOME STATEMENT (R$ thousand) 2Q20 2Q19 Change 6M20 6M19 Change Revenues from Farm Sales 5.078 6.870 -26% 24.052 130.205 -82% Revenues from grains 21.399 18.910 13% 83.143 61.479 35% Revenues from cotton 3.335 - n.a. 8.595 - n.a. Revenues from sugarcane 48.271 42.049 15% 140.208 117.736 19% Revenue
Slide 12: Balance Sheet (Assets and Liabilities)
INCOME STATEMENT Assets (R$ thousand) 12/31/2019 06/30/2019 Change Liabilities (R$ thousand) 12/31/2019 06/30/2019 Change Current liabilities Current assets Trade accounts payable and other obligations 63.457 98.070 -35% Cash and Cash equivalents 89.609 106.627 -16% Loans and financing 113.222 76.60
Slide 13: Indebtedness
INDEBTEDNESS Net Financial Debt Amortization Schedule (R$ thousand) 12/31/2019 06/30/2019 Variação Short Term 113.222 76.608 47,8% Average Cost of Debt 5.6% Long Term 168.128 209.245 -19,7% Others 67.079 68.483 -2,1% ARC 101.049 140.762 -28,2% Total Indebtedness 281.350 285.853 -1,6% (+/-) Derivativ
Slide 14: Net Asset Value - NAV
NET ASSET VALUE - NAV 12/31/2019 (R$ mil) Book NAV BrasilAgro's Equity 942.966 942.966 Properties appraisal¹ 1.372.233 NAV (-) Balance Sheet - Land Value (Investment Properties) (559.674) NAV - Net Asset Value 942.966 1.755.525 Shares 56.889 56.889 NAV per share (1) 2019 Internal Appraisal, net of t
Slide 15: Capital Markets
LND: Price – February 3rd, 2020 US$4.61 AGRO3: R$19.64 Jun-19 CAPITAL MARKETS Jul-19 Jul-19 Jul-19 Jul-19 Jul-19 Jul-19 Aug-19 Aug-19 Aug-19 Aug-19 Aug-19 15 Aug-19 Sep-19 Sep-19 Sep-19 Sep-19 Sep-19 AGRO3 Sep-19 Oct-19 Oct-19 Oct-19 Oct-19 Ibovespa AGRO3 x Ibovespa Oct-19 (base 100 = 06/28/2019) Oc
Slide 16: 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 17: Slide 17